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The Income Tax Appellate Tribunal held that the assessee, although not disclosing foreign investments in the prescribed Schedule FA of the income tax return, had disclosed the investments in another schedule and offered the perquisite value for taxation. Considering the bonafide disclosure, absence of malafide intention, and the legislative intent behind the Black Money Act to deal with undisclosed foreign income and assets, the Tribunal deleted the penalty imposed u/s 43 of the Act for non-reporting of foreign assets. The decision was in favor of the assessee.
The Income Tax Appellate Tribunal held that the assessee, although not disclosing foreign investments in the prescribed Schedule FA of the income tax return, had disclosed the investments in another schedule and offered the perquisite value for taxation. Considering the bonafide disclosure, absence of malafide intention, and the legislative intent behind the Black Money Act to deal with undisclosed foreign income and assets, the Tribunal deleted the penalty imposed u/s 43 of the Act for non-reporting of foreign assets. The decision was in favor of the assessee.
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