https://www.taxtmi.com/caselaws?id=763319 ITAT Mumbai deleted penalty u/s 43 of Black Money Act imposed for non-reporting of foreign assets in Schedule FA of ITR. Assessee had disclosed Mauritius offshore fund investment in Schedule AL and offered perquisite value for taxation with TDS deducted. Tribunal held the Act targets undisclosed foreign income/assets, not technical breaches. Since foreign asset was disclosed elsewhere in return with supporting documents and no malafide intent existed, penalty was deleted favoring assessee. en-us Wed, 27 Nov 2024 00:00:00 +0530 Tue, 17 Dec 2024 18:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763319 ITAT Mumbai deleted penalty u/s 43 of Black Money Act imposed for non-reporting of foreign assets in Schedule FA of ITR. Assessee had disclosed Mauritius offshore fund investment in Schedule AL and offered perquisite value for taxation with TDS deducted. Tribunal held the Act targets undisclosed foreign income/assets, not technical breaches. Since foreign asset was disclosed elsewhere in return with supporting documents and no malafide intent existed, penalty was deleted favoring assessee. Case-Laws Income Tax Wed, 27 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763319