https://www.taxtmi.com/caselaws?id=770806 ITAT Mumbai allowed assessee's appeal against penalty under section 43 of Black Money Act for non-disclosure of foreign assets. The tribunal held that for the Isle of Man insurance policy, assessee was not the beneficial owner as it was purchased by brother-in-law with assessee's wife as beneficiary. For the UAE insurance policy, it had lapsed in 2014 before penalty provisions came into effect from AY 2016-17. The tribunal deleted the penalty of Rs. 10,00,000 and addition of Rs. 1,08,01,726, ruling that necessary conditions for treating assets as undisclosed foreign assets were not fulfilled. en-us Wed, 30 Apr 2025 00:00:00 +0530 Thu, 15 May 2025 13:25:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=770806 ITAT Mumbai allowed assessee's appeal against penalty under section 43 of Black Money Act for non-disclosure of foreign assets. The tribunal held that for the Isle of Man insurance policy, assessee was not the beneficial owner as it was purchased by brother-in-law with assessee's wife as beneficiary. For the UAE insurance policy, it had lapsed in 2014 before penalty provisions came into effect from AY 2016-17. The tribunal deleted the penalty of Rs. 10,00,000 and addition of Rs. 1,08,01,726, ruling that necessary conditions for treating assets as undisclosed foreign assets were not fulfilled. Case-Laws Income Tax Wed, 30 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770806