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17 Jul 2020

ITAT orders Swiss bank account holder to pay tax on Rs 196 cr stashed abroad

The assessee raised 19 grounds of appeal, but her plea was dismissed as the ITAT observed that the amount found in her Swiss Bank account was over 11,500 times more than her annual income The ITAT confirmed the addition in respect of her account with HSBC Private Bank (Suisse), SA Geneva The department recorded that the income to the extent of US$3,97,38,122 has escaped assessment and issued her a show-cause notice under section 148 of the I-Tax Act

01 Feb 2016

'French court backs charges against HSBC in tax fraud probe'

The court rejected an appeal by HSBC that charges first brought in April for facilitating tax fraud and illegal practices be dropped, sources told AFP.

26 Feb 2015

Black money: RBI closely watching probe against HSBC

The Reserve Bank Thursday said it is keeping a close watch on global banking major HSBC, which is facing multi-nation probe including by Indian tax authorities for alleged tax evasion and money laundering at its Swiss units.

25 Feb 2015

British MPs grill HSBC bosses over tax-dodging scandal

HSBC bosses on Wednesday apologised for "unacceptable" failings at the banking giant`s Swiss division when they were grilled by British MPs over allegations HSBC helped rich clients dodge taxes.

23 Feb 2015

Black money: I-T dept conducts survey at HSBC bank in Mumbai

The Income Tax department has conducted a "survey" operation at the head office of HSBC bank here in connection with the black money probe against it and certain Indians who held accounts in its Switzerland branch.

HSBC Private Bank

21 Nov 2014

HSBC says target of French tax fraud probe

HSBC Private Bank, the Swiss subsidiary of British banking group HSBC, said Friday it had been placed under formal investigation as part of a French tax fraud probe.

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