https://www.taxtmi.com/caselaws?id=457051 ITAT Mumbai dismissed appeals challenging penalty under section 43 of Black Money Act for non-disclosure of foreign assets in Schedule FA of income tax returns for AY 2016-17 to 2018-19. Assessee held 40% share in Global Dynamic Opportunity Fund Ltd through HSBC Jersey, declared interest income and capital gains but failed to disclose asset in Schedule FA. ITAT held that section 43 requires disclosure of all foreign assets regardless of whether they are undisclosed or acquired from legitimate sources. Court rejected assessee's plea of inadvertent error, finding AO exercised discretion judiciously in levying penalty for non-reporting of overseas investments in required schedule. en-us Wed, 09 Aug 2023 00:00:00 +0530 Tue, 03 Sep 2024 12:53:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457051 ITAT Mumbai dismissed appeals challenging penalty under section 43 of Black Money Act for non-disclosure of foreign assets in Schedule FA of income tax returns for AY 2016-17 to 2018-19. Assessee held 40% share in Global Dynamic Opportunity Fund Ltd through HSBC Jersey, declared interest income and capital gains but failed to disclose asset in Schedule FA. ITAT held that section 43 requires disclosure of all foreign assets regardless of whether they are undisclosed or acquired from legitimate sources. Court rejected assessee's plea of inadvertent error, finding AO exercised discretion judiciously in levying penalty for non-reporting of overseas investments in required schedule. Case-Laws Income Tax Wed, 09 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457051