https://www.taxtmi.com/caselaws?id=469117 Penalties under sections 41 and 43 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 were held unsustainable where foreign shares had already been reflected as perquisite income, the related dividend was received through the assessee's Indian bank account, and the later sale proceeds were disclosed and taxed in a subsequent year. The omission to report the foreign asset and income in the return was treated as bona fide and inadvertent, influenced by a return form that did not contain the relevant foreign asset schedule and by the assessee's lack of familiarity with the cross-border tax implications. The Tribunal accepted reasonable cause and deleted the penalties. en-us Mon, 08 Sep 2025 00:00:00 +0530 Tue, 02 Jun 2026 21:23:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=469117 Penalties under sections 41 and 43 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 were held unsustainable where foreign shares had already been reflected as perquisite income, the related dividend was received through the assessee's Indian bank account, and the later sale proceeds were disclosed and taxed in a subsequent year. The omission to report the foreign asset and income in the return was treated as bona fide and inadvertent, influenced by a return form that did not contain the relevant foreign asset schedule and by the assessee's lack of familiarity with the cross-border tax implications. The Tribunal accepted reasonable cause and deleted the penalties. Case-Laws Income Tax Mon, 08 Sep 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=469117