https://www.taxtmi.com/caselaws?id=461097 ITAT Mumbai upheld penalty under section 43 of Black Money Act for non-disclosure of foreign investments. Assessee failed to accurately report overseas investments in Schedule FA, understating personal investments and omitting children's investments entirely. Despite assessee's claim of bonafide mistake and investments from legitimate sources, tribunal held penalty provisions are strict liability - non-reporting attracts penalty regardless of source legitimacy. Court found no defect in penalty order and dismissed assessee's appeal. en-us Mon, 31 Jul 2023 00:00:00 +0530 Wed, 12 Mar 2025 19:03:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461097 ITAT Mumbai upheld penalty under section 43 of Black Money Act for non-disclosure of foreign investments. Assessee failed to accurately report overseas investments in Schedule FA, understating personal investments and omitting children's investments entirely. Despite assessee's claim of bonafide mistake and investments from legitimate sources, tribunal held penalty provisions are strict liability - non-reporting attracts penalty regardless of source legitimacy. Court found no defect in penalty order and dismissed assessee's appeal. Case-Laws Income Tax Mon, 31 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461097