https://www.taxtmi.com/caselaws?id=461096 The Tribunal upheld the CIT(A)'s decision to delete the Rs. 10.00 lacs penalty imposed under Section 43 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. It found that the non-disclosure of a foreign asset was a bona fide mistake, as the asset had been surrendered and the maturity amount was disclosed in the Income Tax Return. The assessee had complied with tax obligations under the One Time Compliance Scheme. The Tribunal determined that the penalty was unwarranted, dismissing the Revenue's appeal as lacking merit. en-us Mon, 03 Apr 2023 00:00:00 +0530 Wed, 12 Mar 2025 19:03:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461096 The Tribunal upheld the CIT(A)'s decision to delete the Rs. 10.00 lacs penalty imposed under Section 43 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. It found that the non-disclosure of a foreign asset was a bona fide mistake, as the asset had been surrendered and the maturity amount was disclosed in the Income Tax Return. The assessee had complied with tax obligations under the One Time Compliance Scheme. The Tribunal determined that the penalty was unwarranted, dismissing the Revenue's appeal as lacking merit. Case-Laws Income Tax Mon, 03 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461096