No Penalty Imposed: Taxpayer's Genuine Belief on 'Resident Outside India' Status Accepted u/s 271(1)(c) and 10(4)(ii.

No Penalty Imposed: Taxpayer's Genuine Belief on 'Resident Outside India' Status Accepted u/s 271(1)(c) and 10(4)(ii. https://www.taxtmi.com/highlights?id=48961 Penalty u/s 271(1)(c) - exemption u/s 10(4)(ii) - the assessee was under bonafide impression that she is a ‘person resident outside India’ as defined under FEMA - the explanation furnished by the assessee in not disclosing the interest income in the return appears to be quite genuine, bonafide and acceptable - no penalty en-us Thu, 29 Aug 2019 07:32:38 +0530 Thu, 29 Aug 2019 07:32:38 +0530 TaxTMI RSS Generator No Penalty Imposed: Taxpayer's Genuine Belief on 'Resident Outside India' Status Accepted u/s 271(1)(c) and 10(4)(ii. https://www.taxtmi.com/highlights?id=48961 Penalty u/s 271(1)(c) - exemption u/s 10(4)(ii) - the assessee was under bonafide impression that she is a ‘person resident outside India’ as defined under FEMA - the explanation furnished by the assessee in not disclosing the interest income in the return appears to be quite genuine, bonafide and acceptable - no penalty Highlights Income Tax Thu, 29 Aug 2019 07:32:38 +0530 https://www.taxtmi.com/highlights?id=48961