https://www.taxtmi.com/caselaws?id=767257 ITAT Chennai deleted penalties imposed under sections 42 and 43 of the Black Money Act. For section 43 penalty regarding non-disclosure of foreign investments, the tribunal applied SC precedent requiring deliberate defiance or dishonest conduct, finding the breach technical rather than mala fide. For section 42 penalty for late return filing, though the return was filed beyond statutory limits and deemed non-est, the tribunal noted foreign assets were properly disclosed and the return under section 153C substituted the regular return, making penalty unwarranted. en-us Mon, 03 Feb 2025 00:00:00 +0530 Thu, 13 Mar 2025 08:35:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767257 ITAT Chennai deleted penalties imposed under sections 42 and 43 of the Black Money Act. For section 43 penalty regarding non-disclosure of foreign investments, the tribunal applied SC precedent requiring deliberate defiance or dishonest conduct, finding the breach technical rather than mala fide. For section 42 penalty for late return filing, though the return was filed beyond statutory limits and deemed non-est, the tribunal noted foreign assets were properly disclosed and the return under section 153C substituted the regular return, making penalty unwarranted. Case-Laws Income Tax Mon, 03 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767257