https://www.taxtmi.com/caselaws?id=780259 ITAT MUMBAI (LB) - AT held that the word "may" in s.43 of the BM Act is directory, not to be construed as "shall," so imposition of penalty for non-disclosure of foreign assets is not mandatory. The Assessing Officer has discretion to impose or waive the penalty based on facts and circumstances; the Tribunal found no bona fide mistake in the present non-reporting but did not decide penalty merits. The cases are to be placed before the Division Bench for disposal in accordance with law. en-us Tue, 14 Oct 2025 00:00:00 +0530 Fri, 22 May 2026 10:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=780259 ITAT MUMBAI (LB) - AT held that the word "may" in s.43 of the BM Act is directory, not to be construed as "shall," so imposition of penalty for non-disclosure of foreign assets is not mandatory. The Assessing Officer has discretion to impose or waive the penalty based on facts and circumstances; the Tribunal found no bona fide mistake in the present non-reporting but did not decide penalty merits. The cases are to be placed before the Division Bench for disposal in accordance with law. Case-Laws Income Tax Tue, 14 Oct 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=780259