https://www.taxtmi.com/caselaws?id=786711 Imposition of penalty under Section 43 of the Black Money (Undisclosed Foreign Income and Assets) Act is discretionary: the statute's use of "may" for AO power and the mandatory-sounding quantum must be read with Section 46(3)'s opportunity-to-be-heard requirement, invoking strict construction of penal fiscal provisions. Authorities applying statutory interpretation treat Section 43 as directory, requiring the AO to consider facts and circumstances, including bona fide omission or inadvertence, before directing penalty; outcome therefore permits the AO to impose or waive penalty on a case-by-case basis. en-us Fri, 19 Dec 2025 00:00:00 +0530 Wed, 18 Feb 2026 08:11:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=786711 Imposition of penalty under Section 43 of the Black Money (Undisclosed Foreign Income and Assets) Act is discretionary: the statute's use of "may" for AO power and the mandatory-sounding quantum must be read with Section 46(3)'s opportunity-to-be-heard requirement, invoking strict construction of penal fiscal provisions. Authorities applying statutory interpretation treat Section 43 as directory, requiring the AO to consider facts and circumstances, including bona fide omission or inadvertence, before directing penalty; outcome therefore permits the AO to impose or waive penalty on a case-by-case basis. Case-Laws Income Tax Fri, 19 Dec 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=786711