ITAT quashes taxing Swiss a/c funds in hands of NRI

In a relief to Amrita Jhaveri, considered to be a leading authority on Indian painters and a well-known art dealer, the income-tax appellate tribunal (ITAT) quashed the reopening of her case for two financial years (2005-06 and 2006-07) and addition of an income of Rs 2.3 crore, the rupee equivalent of the balances appearing in HSBC bank accounts in Geneva.