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Public servant status under anti-corruption law extends to recognised stock exchange leadership; constitutional and sanction challenges do not succeed...
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Penalty under section 43 of the Black Money Act for non-disclosure of foreign assets is discretionary rather than automatic: the word 'shall' must not be construed to convert a penal/charging provision into a mandatory imposition where facts permit exercise of discretion. The tribunal held that an assessing officer must evaluate facts and circumstances before levying penalty for omission from Schedule FA, and remitted the matter to the AO to exercise that discretion afresh rather than treating the penalty as obligatory.
Penalty under section 43 of the Black Money Act for non-disclosure of foreign assets is discretionary rather than automatic: the word 'shall' must not be construed to convert a penal/charging provision into a mandatory imposition where facts permit exercise of discretion. The tribunal held that an assessing officer must evaluate facts and circumstances before levying penalty for omission from Schedule FA, and remitted the matter to the AO to exercise that discretion afresh rather than treating the penalty as obligatory.
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