https://www.taxtmi.com/caselaws?id=461116 ITAT Mumbai deleted penalty under section 43 of Black Money Act imposed on assessee for non-disclosure of foreign investments in IT return. The tribunal held that when investment was made by assessee's father in her name and she failed to disclose it in Schedule FA under bonafide belief, no malafide could be attributed. Since the father was already penalized for the same investment, imposing penalty on assessee would be unjustified. The tribunal followed precedent from Aditi Avinash Athavankar case and allowed the appeal, deleting penalty confirmed by CIT(A). en-us Thu, 18 Jan 2024 00:00:00 +0530 Thu, 13 Mar 2025 17:01:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461116 ITAT Mumbai deleted penalty under section 43 of Black Money Act imposed on assessee for non-disclosure of foreign investments in IT return. The tribunal held that when investment was made by assessee's father in her name and she failed to disclose it in Schedule FA under bonafide belief, no malafide could be attributed. Since the father was already penalized for the same investment, imposing penalty on assessee would be unjustified. The tribunal followed precedent from Aditi Avinash Athavankar case and allowed the appeal, deleting penalty confirmed by CIT(A). Case-Laws Income Tax Thu, 18 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461116