https://www.taxtmi.com/caselaws?id=461119 The ITAT Mumbai ruled in favor of the assessee regarding penalty under Section 43 of the Black Money Act for non-disclosure of foreign assets from A.Y. 2016-17. Although the assessee failed to disclose foreign assets in the specific FA Schedule, they had disclosed the ESOP and its value in Schedule AL of the income tax return. The employer also deducted TDS and provided details in Form 16 Part B and Form 12BA. The tribunal held that since the foreign assets were disclosed elsewhere in the return without malafide intention, the penalty was not warranted for this technical breach. en-us Mon, 26 Aug 2024 00:00:00 +0530 Thu, 13 Mar 2025 17:01:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461119 The ITAT Mumbai ruled in favor of the assessee regarding penalty under Section 43 of the Black Money Act for non-disclosure of foreign assets from A.Y. 2016-17. Although the assessee failed to disclose foreign assets in the specific FA Schedule, they had disclosed the ESOP and its value in Schedule AL of the income tax return. The employer also deducted TDS and provided details in Form 16 Part B and Form 12BA. The tribunal held that since the foreign assets were disclosed elsewhere in the return without malafide intention, the penalty was not warranted for this technical breach. Case-Laws Income Tax Mon, 26 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461119