Discretion to impose penalty for non-disclosure of foreign assets rests with the assessing officer; mandatory imposition rejected.

Discretion to impose penalty for non-disclosure of foreign assets rests with the assessing officer; mandatory imposition rejected. https://www.taxtmi.com/highlights?id=96988 Penalty under section 43 of the Black Money Act for non-disclosure of foreign assets is discretionary rather than automatic: the word 'shall' must not be construed to convert a penal/charging provision into a mandatory imposition where facts permit exercise of discretion. The tribunal held that an assessing officer must evaluate facts and circumstances before levying penalty for omission from Schedule FA, and remitted the matter to the AO to exercise that discretion afresh rather than treating the penalty as obligatory. en-us Wed, 18 Feb 2026 10:39:23 +0530 Wed, 18 Feb 2026 10:39:23 +0530 TaxTMI RSS Generator Discretion to impose penalty for non-disclosure of foreign assets rests with the assessing officer; mandatory imposition rejected. https://www.taxtmi.com/highlights?id=96988 Penalty under section 43 of the Black Money Act for non-disclosure of foreign assets is discretionary rather than automatic: the word 'shall' must not be construed to convert a penal/charging provision into a mandatory imposition where facts permit exercise of discretion. The tribunal held that an assessing officer must evaluate facts and circumstances before levying penalty for omission from Schedule FA, and remitted the matter to the AO to exercise that discretion afresh rather than treating the penalty as obligatory. Highlights Income Tax Wed, 18 Feb 2026 10:39:23 +0530 https://www.taxtmi.com/highlights?id=96988