https://www.taxtmi.com/caselaws?id=461118 ITAT Mumbai dismissed revenue's appeal regarding penalty under section 43 of Black Money Act, 2015 for non-disclosure of immovable property in Dubai. Though assessee failed to disclose property in Schedule FA for AY 2016-17, the investment was consistently shown in returns for preceding and succeeding years. Assessee paid advances to builder during the assessment year, demonstrating disclosure to income tax department. ITAT found the omission was bonafide and inadvertent clerical error, making penalty imposition inappropriate. en-us Wed, 26 Jun 2024 00:00:00 +0530 Thu, 13 Mar 2025 17:01:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461118 ITAT Mumbai dismissed revenue's appeal regarding penalty under section 43 of Black Money Act, 2015 for non-disclosure of immovable property in Dubai. Though assessee failed to disclose property in Schedule FA for AY 2016-17, the investment was consistently shown in returns for preceding and succeeding years. Assessee paid advances to builder during the assessment year, demonstrating disclosure to income tax department. ITAT found the omission was bonafide and inadvertent clerical error, making penalty imposition inappropriate. Case-Laws Income Tax Wed, 26 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461118