Taxmen are elated over a recent order of the Income-Tax Appellate Tribunal (ITAT)’s Mumbai bench, which has confirmed the addition of an undisclosed income of Rs 196 crore — the peak deposit in a Swiss bank account — in the hands of an elderly taxpayer who was its “beneficial” owner. Now, tax plus penalties will be payable on this unaccounted income.

from Times of India https://timesofindia.indiatimes.com/india/woman-in-80s-told-to-pay-up-for-undisclosed-rs-196-crore-in-swiss-account/articleshow/77044951.cms