https://www.taxtmi.com/caselaws?id=424350 The Tribunal upheld the CIT(A)'s decision to delete the penalty under Section 43 of the Black Money (Undisclosed Foreign Income & Assets) and Imposition of Tax Act, 2015. The Tribunal found the assessee's conduct to be bonafide, with no deliberate intention to evade tax, as the undisclosed foreign bank account was held in a fiduciary capacity and the funds were used for charitable purposes. Emphasizing the discretionary nature of the penalty provision, the Tribunal ruled that the stringent provisions of the Act should not apply to minor technical breaches, ultimately dismissing the appeal and not upholding the penalty. en-us Tue, 29 Mar 2022 00:00:00 +0530 Mon, 27 Jun 2022 20:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424350 The Tribunal upheld the CIT(A)'s decision to delete the penalty under Section 43 of the Black Money (Undisclosed Foreign Income & Assets) and Imposition of Tax Act, 2015. The Tribunal found the assessee's conduct to be bonafide, with no deliberate intention to evade tax, as the undisclosed foreign bank account was held in a fiduciary capacity and the funds were used for charitable purposes. Emphasizing the discretionary nature of the penalty provision, the Tribunal ruled that the stringent provisions of the Act should not apply to minor technical breaches, ultimately dismissing the appeal and not upholding the penalty. Case-Laws Income Tax Tue, 29 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424350