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Provisions expressly mentioned in the judgment/order text.
ITAT allowed assessee's appeal against penalty under section 43 of Black Money Act for non-disclosure of foreign assets in income tax return. The assessee failed to declare Barclays Bank PLC Isle of Man investment in prescribed column, but her husband had properly disclosed the foreign bank accounts and interest income in his returns. The assessee subsequently filed updated return for AY 2022-23 disclosing foreign assets under FA Schedule. ITAT found the lapse inadvertent and non-malicious, noting bona fide compliance through husband's disclosures and assessee's cooperation during penalty proceedings including submission of bank statements and supporting documents. Following coordinate bench precedents, ITAT held that technical breaches arising from bona fide belief, where primary holder disclosed assets, do not warrant penal consequences. Revenue failed to prove assessee was beneficial owner or had willful intent to evade tax, making penalty unjustified and unsustainable.
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