https://www.taxtmi.com/caselaws?id=767314 ITAT Mumbai allowed the appeal and deleted the Rs. 10,00,000 penalty imposed under Section 43 of the Black Money Act for non-disclosure of foreign assets in Schedule-FA. The tribunal held that the assessee, a British citizen and tax resident in India only for the relevant year, disclosed the foreign asset in a revised return filed within the prescribed time limit. Revenue authorities failed to establish that the assessee was previously an Indian citizen or that foreign investment was made using undisclosed Indian income, making the penalty unjustified. en-us Tue, 04 Feb 2025 00:00:00 +0530 Sat, 15 Mar 2025 08:41:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767314 ITAT Mumbai allowed the appeal and deleted the Rs. 10,00,000 penalty imposed under Section 43 of the Black Money Act for non-disclosure of foreign assets in Schedule-FA. The tribunal held that the assessee, a British citizen and tax resident in India only for the relevant year, disclosed the foreign asset in a revised return filed within the prescribed time limit. Revenue authorities failed to establish that the assessee was previously an Indian citizen or that foreign investment was made using undisclosed Indian income, making the penalty unjustified. Case-Laws Income Tax Tue, 04 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767314