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‘$3m in NRI’s Swiss account not black money’on September 30, 2020 at 3:18 AM

In a case covering several financial years, the Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has struck down the action of the I-T officer in treating $3 million — with which a Swiss bank account was opened — as “unaccounted income” in the hands of an individual, who at that point of time was a non-resident.

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