https://www.taxtmi.com/caselaws?id=413222 The ITAT ruled in favor of the assessee, finding that the penalty imposed under section 271(1)(c) of the Income Tax Act for non-disclosure of foreign income was unjustified. The assessee had disclosed the foreign income under the Black Money Act, which was accepted by the Commissioner of Income Tax. The ITAT determined that once compliance was made under the Black Money Act, the penalty under the Income Tax Act was not applicable. The ITAT held that the authorities had failed to consider this compliance, leading to the deletion of the penalty and overturning the decision of the CIT(A). en-us Tue, 28 Sep 2021 00:00:00 +0530 Thu, 07 Oct 2021 09:15:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413222 The ITAT ruled in favor of the assessee, finding that the penalty imposed under section 271(1)(c) of the Income Tax Act for non-disclosure of foreign income was unjustified. The assessee had disclosed the foreign income under the Black Money Act, which was accepted by the Commissioner of Income Tax. The ITAT determined that once compliance was made under the Black Money Act, the penalty under the Income Tax Act was not applicable. The ITAT held that the authorities had failed to consider this compliance, leading to the deletion of the penalty and overturning the decision of the CIT(A). Case-Laws Income Tax Tue, 28 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413222