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The ITAT set aside the penalty imposed under section 43 read with section 46 of the Black Money (Undisclosed Foreign Income & Assets) and Imposition of Tax Act, 2015, on the appellant for non-disclosure of foreign income in the FA schedule for AY 2015-16. The appellant had disclosed the foreign pension income and the corresponding tax paid in the computation of total income. The department did not dispute the pension nature of the amount or the tax payment. Given the disclosure and absence of departmental opposition, the Tribunal held that the penalty under section 43 was not warranted. The orders of the CIT(A) and the Assessing Officer imposing the penalty were accordingly set aside.
The ITAT set aside the penalty imposed under section 43 read with section 46 of the Black Money (Undisclosed Foreign Income & Assets) and Imposition of Tax Act, 2015, on the appellant for non-disclosure of foreign income in the FA schedule for AY 2015-16. The appellant had disclosed the foreign pension income and the corresponding tax paid in the computation of total income. The department did not dispute the pension nature of the amount or the tax payment. Given the disclosure and absence of departmental opposition, the Tribunal held that the penalty under section 43 was not warranted. The orders of the CIT(A) and the Assessing Officer imposing the penalty were accordingly set aside.
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