https://www.taxtmi.com/caselaws?id=774055 Penalty for non-disclosure of foreign bank accounts was held unsustainable where the accounts and related income had already been disclosed in the husband's returns, the assessee later reflected them in her updated return, and she produced bank statements, source details, and supporting returns during penalty proceedings. The lapse was treated as inadvertent and based on a bona fide belief, not wilful concealment. As the revenue did not rebut the explanation or establish that the assessee was the actual beneficial owner of the assets or income, the penalty provision was not applied. The penalty was deleted. en-us Mon, 30 Jun 2025 00:00:00 +0530 Wed, 02 Jul 2025 08:42:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=774055 Penalty for non-disclosure of foreign bank accounts was held unsustainable where the accounts and related income had already been disclosed in the husband's returns, the assessee later reflected them in her updated return, and she produced bank statements, source details, and supporting returns during penalty proceedings. The lapse was treated as inadvertent and based on a bona fide belief, not wilful concealment. As the revenue did not rebut the explanation or establish that the assessee was the actual beneficial owner of the assets or income, the penalty provision was not applied. The penalty was deleted. Case-Laws Income Tax Mon, 30 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=774055