https://www.taxtmi.com/caselaws?id=461099 The ITAT Mumbai ruled against the revenue in a penalty case under Section 43 of the Black Money Act. The assessee failed to report foreign assets in Schedule FA of income tax returns but had disclosed them in Schedule AL under shares and securities. The assessee offered perquisite value of foreign ESOPs for taxation through TDS and provided complete details with documentary evidence during proceedings. For subsequent years, updated returns were filed properly disclosing foreign assets in Schedule FA. The tribunal held that the Black Money Act should not penalize technical or bonafide breaches, emphasizing the Act's purpose is to combat undisclosed foreign income rather than punish honest taxpayers for procedural lapses. en-us Wed, 27 Nov 2024 00:00:00 +0530 Wed, 12 Mar 2025 15:54:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461099 The ITAT Mumbai ruled against the revenue in a penalty case under Section 43 of the Black Money Act. The assessee failed to report foreign assets in Schedule FA of income tax returns but had disclosed them in Schedule AL under shares and securities. The assessee offered perquisite value of foreign ESOPs for taxation through TDS and provided complete details with documentary evidence during proceedings. For subsequent years, updated returns were filed properly disclosing foreign assets in Schedule FA. The tribunal held that the Black Money Act should not penalize technical or bonafide breaches, emphasizing the Act's purpose is to combat undisclosed foreign income rather than punish honest taxpayers for procedural lapses. Case-Laws Income Tax Wed, 27 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461099