Black Money: Swiss bank account holders receive tax notices

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Black Money
Mumbai, Dec 21: Over 100 Swiss bank account holders in Mumbai including corporate bigshots have received tax notices for having undisclosed bank accounts with HSBC, Geneva.

The names were listed among 700 Swiss bank account holders, that was given to the Indian government by the French authorities a few months ago, said a report in the Economic Times.

"A few prominent names in Mumbai's corporate world are in the list," said a senior income tax official to ET. He further said that some of them disclosed their numbered accounts voluntarily after which they were given notices under Section 148 of the I-T Act.

"One of them is based in Mumbai while the other family member is based down South. The latter is a beneficiary of a trust that holds Rs 300 crore in its HSBC Geneva account.

"The amount disclosed by the person in Mumbai is about Rs 50 crore," said a source in the tax department.

Out of the 700 listed, at least 200 account holders (HSBC Geneva) are said to be from Mumbai.

"Not all who have received notices have replied," said an official.

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