https://www.taxtmi.com/caselaws?id=767443 ITAT Hyderabad held that penalty under Section 43 of the Black Money Act for failure to disclose foreign assets should be deleted. The assessee made no fresh investments during the assessment year, only continuing previous investments. Since the explanation for source of investment was accepted and there was no malafide intent to evade the Act, the non-disclosure constituted a bonafide mistake rather than willful violation. The penalty was deleted following precedents from Ocean Diving and Mylan Laboratories cases. en-us Thu, 16 Jan 2025 00:00:00 +0530 Tue, 18 Mar 2025 08:37:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767443 ITAT Hyderabad held that penalty under Section 43 of the Black Money Act for failure to disclose foreign assets should be deleted. The assessee made no fresh investments during the assessment year, only continuing previous investments. Since the explanation for source of investment was accepted and there was no malafide intent to evade the Act, the non-disclosure constituted a bonafide mistake rather than willful violation. The penalty was deleted following precedents from Ocean Diving and Mylan Laboratories cases. Case-Laws Income Tax Thu, 16 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767443