Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
Penalty under section 43 of the Black Money Act is discretionary, because the word "may" and the requirement of hearing before levy show that non-disclosure of a foreign asset does not automatically attract punishment. Applying the bona fide omission principle, the Tribunal noted that the foreign investment was funded from disclosed mutual fund redemption proceeds remitted through a disclosed bank account under the LRS route, with related income or loss already reported in returns. As there was no undisclosed foreign income, no out-of-books asset, and no mala fide conduct, the failure to complete the relevant Schedule FA disclosure was treated as a technical and venial breach, and the penalties were deleted.
Penalty under section 43 of the Black Money Act is discretionary, because the word "may" and the requirement of hearing before levy show that non-disclosure of a foreign asset does not automatically attract punishment. Applying the bona fide omission principle, the Tribunal noted that the foreign investment was funded from disclosed mutual fund redemption proceeds remitted through a disclosed bank account under the LRS route, with related income or loss already reported in returns. As there was no undisclosed foreign income, no out-of-books asset, and no mala fide conduct, the failure to complete the relevant Schedule FA disclosure was treated as a technical and venial breach, and the penalties were deleted.
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