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The ITAT deleted penalties imposed under Sections 42 and 43 of the Black Money Act. Regarding Section 43 penalty for non-disclosure of foreign investments, the Tribunal relied on SC's ruling in Hindustan Steel that penalties should not be imposed unless there was deliberate defiance, dishonesty, or conscious disregard of obligations. The Tribunal emphasized that penalty imposition requires judicious exercise of discretion considering all relevant circumstances. For Section 42 penalty for late filing, the ITAT found it was merely a technical breach as the assessee had disclosed foreign assets in the belated return, which, though treated as non-est, was considered during assessment. The Tribunal also noted that the return filed under Section 153C would substitute the regular return, making the penalty unwarranted.
The ITAT deleted penalties imposed under Sections 42 and 43 of the Black Money Act. Regarding Section 43 penalty for non-disclosure of foreign investments, the Tribunal relied on SC's ruling in Hindustan Steel that penalties should not be imposed unless there was deliberate defiance, dishonesty, or conscious disregard of obligations. The Tribunal emphasized that penalty imposition requires judicious exercise of discretion considering all relevant circumstances. For Section 42 penalty for late filing, the ITAT found it was merely a technical breach as the assessee had disclosed foreign assets in the belated return, which, though treated as non-est, was considered during assessment. The Tribunal also noted that the return filed under Section 153C would substitute the regular return, making the penalty unwarranted.
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