Woman told to pay for undisclosed Rs 196cr in Swiss a/c

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.