https://www.taxtmi.com/caselaws?id=792133 Section 43 of the Black Money Act is described as discretionary, not automatic, because the word "may" and the hearing requirement require a judicious exercise of power on the facts of each case. Where a foreign investment was made from disclosed, tax-paid funds routed through regular banking channels, and the related income and capital loss were reported in returns, a failure to complete one disclosure column in Schedule FA is treated as a bona fide technical lapse rather than a substantive concealment. On that reasoning, penalty is said to be unwarranted where the omission is only venial and the asset's source is fully explained. en-us Mon, 18 May 2026 00:00:00 +0530 Sat, 23 May 2026 08:27:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=792133 Section 43 of the Black Money Act is described as discretionary, not automatic, because the word "may" and the hearing requirement require a judicious exercise of power on the facts of each case. Where a foreign investment was made from disclosed, tax-paid funds routed through regular banking channels, and the related income and capital loss were reported in returns, a failure to complete one disclosure column in Schedule FA is treated as a bona fide technical lapse rather than a substantive concealment. On that reasoning, penalty is said to be unwarranted where the omission is only venial and the asset's source is fully explained. Case-Laws Income Tax Mon, 18 May 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=792133