Mumbai: Black money worth Rs 196 crore has been found in the Swiss bank account of an 80-year-old elderly woman who claims a monthly income of Rs 1.7 lakh, that is, about Rs 14,000. Following the order of the Mumbai branch of the Income Tax Appellate Tribunal (ITAT), now the accused woman will also have to pay the fine along with tax. According to TOI's report, Renu Tharani, aged 80, has an account in HSBC Geneva. She is also the only discretionary beneficiary of this bank in the name of Tharani Family Trust in Swiss Bank.
The account was launched in July 2004 under the name of Cayman Island-based GW Investment. This company transferred the fund to Family Trust as an administrator. Tharani did not provide information in this regard in the IT returns filed in 2005-06. The case was opened for re-investigation on 31 October 2014. Tharani also stated in an affidavit that she does not have a bank account in HSBC Geneva nor was she a director or shareholder in GW Investment Bank. She claims to be a non-resident, claiming that even if there is an amount, she cannot be taxed.
In the IT returns of 2005-06, Tharani had informed that her annual income is only 1.7 lakh rupees. She gave the address of Bengaluru in it and declared her taxpayer status as Indian. The ITAT Bench said that Renu Tharani may have been in the first year of non-residential status at that time, but the question of where his 200 crore rupees came from in such a short time is still troubling.
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