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ITAT deleted the penalty imposed under Section 43 of the Black Money Act for failure to disclose foreign assets in the income tax return. The Tribunal found that since no fresh investments were made during the assessment year and the explanation regarding source of previous investments was accepted, the non-disclosure constituted a bonafide mistake rather than an attempt to evade the Act. The Tribunal held that while Sections 3, 10, and 43 of the BMA may be independent provisions, they must be read together to determine legislative intent. Following Ocean Diving (ITAT Mumbai) and Mylan Laboratories (Telangana HC), the appeal was allowed.
ITAT deleted the penalty imposed under Section 43 of the Black Money Act for failure to disclose foreign assets in the income tax return. The Tribunal found that since no fresh investments were made during the assessment year and the explanation regarding source of previous investments was accepted, the non-disclosure constituted a bonafide mistake rather than an attempt to evade the Act. The Tribunal held that while Sections 3, 10, and 43 of the BMA may be independent provisions, they must be read together to determine legislative intent. Following Ocean Diving (ITAT Mumbai) and Mylan Laboratories (Telangana HC), the appeal was allowed.
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