I-T department to file complaint against HSBC Geneva

February 16, 2015 19:12

The Income Tax department is soon expected to file a complaint against HSBC bank, Geneva, for allegedly "abetting" tax evasion in India by way of unauthorisedly operating accounts of its citizens in its overseas branch.

Sources said the complaint against the global banking giant is expected to be filed under Section 278 of the I-T Act (abetment of false return) before March 31 as these accounts pertain to the time period of 2006-07 and would get "time barred" after that date.

The department, a senior I-T officer said, has taken upon itself to file these cases after informing the Special Investigation Team on black money, which is understood to have given its go ahead.

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