https://www.taxtmi.com/caselaws?id=768471 The ITAT Mumbai allowed the assessee's appeal and deleted the penalty imposed under section 43 of the Black Money Act. The assessee had failed to disclose foreign assets in Schedule FA of the income tax return, though the assets were disclosed in the preceding year and the perquisite value was offered for taxation with TDS deducted. The tribunal held that the Black Money Act should not be invoked for technical or bonafide breaches of statutory obligations. Since there was no malafide intention or ulterior motive, and the foreign asset was not entirely undisclosed, the penalty was deleted. en-us Wed, 27 Nov 2024 00:00:00 +0530 Sat, 05 Apr 2025 12:48:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768471 The ITAT Mumbai allowed the assessee's appeal and deleted the penalty imposed under section 43 of the Black Money Act. The assessee had failed to disclose foreign assets in Schedule FA of the income tax return, though the assets were disclosed in the preceding year and the perquisite value was offered for taxation with TDS deducted. The tribunal held that the Black Money Act should not be invoked for technical or bonafide breaches of statutory obligations. Since there was no malafide intention or ulterior motive, and the foreign asset was not entirely undisclosed, the penalty was deleted. Case-Laws Income Tax Wed, 27 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768471