IT dept approaches Swiss revenue authorities for banking data

New Delhi:(Page3 News Network)-The Income Tax department probing the secret list of account holders in the Geneva branch of HSBC bank has approached Swiss revenue authorities for banking data of certain individuals after investigations showed some of them reportedly had other accounts under fictitious names. The department, which approached the finance ministry and the Central Board of Direct Taxes (CBDT) in this regard recently, has initiated the step in order to build a water tight case against those who have stashed illegal funds abroad. The action has been taken under the recently revised tax information exchange treaty between the two countries.