https://www.taxtmi.com/caselaws?id=461103 ITAT Mumbai deleted penalty under section 43 of Black Money Act imposed for non-disclosure of foreign assets in Schedule FA of income tax returns. The tribunal held that since the assets were already disclosed by the assessee's husband in his return and accepted by revenue, they cannot be termed as black money. The assessee's failure to disclose was bonafide, believing disclosure by primary owner (husband) was sufficient. The AO's discretionary power to impose penalty was not justified given the circumstances and absence of ulterior motives. en-us Mon, 10 Jul 2023 00:00:00 +0530 Thu, 13 Mar 2025 08:35:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461103 ITAT Mumbai deleted penalty under section 43 of Black Money Act imposed for non-disclosure of foreign assets in Schedule FA of income tax returns. The tribunal held that since the assets were already disclosed by the assessee's husband in his return and accepted by revenue, they cannot be termed as black money. The assessee's failure to disclose was bonafide, believing disclosure by primary owner (husband) was sufficient. The AO's discretionary power to impose penalty was not justified given the circumstances and absence of ulterior motives. Case-Laws Income Tax Mon, 10 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461103