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Home Assessment HSBC Swiss Bank Account Case : A Big Blow to Tax Department...
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HSBC Swiss Bank Account Case : A Big Blow to Tax Department !

By
Prashant Thakur
-
12/16/2016
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    Can you predict the outcome of a tax case in which government gets information about a hidden bank account in HSBC , Geneva ,Switzerland in which the department initiates search proceedings , grills the alleged account holder who admits admits under oath that the said swiss bank account belonged to him , that his wife operated the said account?

    So , if you are asked about fate of such a tax case , what would be your response or guess ? Huge tax bill , penalty , prosecution . Maybe department was also gung ho about its achievements , so we saw in frontline media,  headlines like ICIJ, HSBC lists: I-T dept detects Rs 13,000 cr black money ( moneycontrol.com ) or  Black money: 121 cases against HSBC account holders (The Hindu )  . You will be astonished to know the result and may even wonder if results like that comes in a case where everything is on platter for the department , what would be result in cases where there are no evidence at all in many cases , post demonetization!

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      Previous articleTax Cloud on 99% Foreign Online Service Providers From 1st December 2016 !
      Next articlePay Tax & Deposit PMGK Scheme First , Then Only One Can Declare Under PMGKY !
      Prashant Thakur
      http://taxworry.com
      The author has spent twenty years with Income Tax department and desire to service common citizen of India which include professionals like tax practioners ,CA,ICMA, CS and tax lawyers by advising them on the direct tax matters for a very affordable fee.

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