https://www.taxtmi.com/caselaws?id=446370 ITAT Mumbai held that penalty under Section 43 of Black Money Act was not warranted where assessee failed to disclose foreign investment in Schedule FA but disclosed it in balance sheet and Schedule part-A-BS filed with income tax return. The tribunal found this constituted substantial compliance with statutory provisions rather than willful non-disclosure. The case involved technical breach rather than malafide concealment, as information was available in audited accounts attached to return. Appeal allowed, penalty deleted. en-us Wed, 30 Aug 2023 00:00:00 +0530 Fri, 22 May 2026 10:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446370 ITAT Mumbai held that penalty under Section 43 of Black Money Act was not warranted where assessee failed to disclose foreign investment in Schedule FA but disclosed it in balance sheet and Schedule part-A-BS filed with income tax return. The tribunal found this constituted substantial compliance with statutory provisions rather than willful non-disclosure. The case involved technical breach rather than malafide concealment, as information was available in audited accounts attached to return. Appeal allowed, penalty deleted. Case-Laws Income Tax Wed, 30 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446370