https://www.taxtmi.com/caselaws?id=461115 The ITAT Mumbai ruled in favor of the assessee regarding penalty under section 43 of the Black Money Act for alleged failure to disclose foreign investment. Despite some confusion in disclosure between Schedule FA and Schedule Holding Status across different years, the assessee had continuously disclosed the investment in books of account and eventually disclosed it in both schedules when filing return under section 153A. The tribunal found no deliberate malafide action, noting the assessee initially disclosed the investment in Schedule FA in AY 2012-13 when made, and concluded penalty imposition was unjustified. en-us Tue, 29 Aug 2023 00:00:00 +0530 Thu, 13 Mar 2025 08:35:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461115 The ITAT Mumbai ruled in favor of the assessee regarding penalty under section 43 of the Black Money Act for alleged failure to disclose foreign investment. Despite some confusion in disclosure between Schedule FA and Schedule Holding Status across different years, the assessee had continuously disclosed the investment in books of account and eventually disclosed it in both schedules when filing return under section 153A. The tribunal found no deliberate malafide action, noting the assessee initially disclosed the investment in Schedule FA in AY 2012-13 when made, and concluded penalty imposition was unjustified. Case-Laws Income Tax Tue, 29 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461115