https://www.taxtmi.com/caselaws?id=792817 Penalty under Section 43 of the Black Money Act is discussed as not being automatic where foreign asset non-disclosure in Schedule FA is inadvertent and the related income has already been taxed. The foreign assets were ESOP shares received as employment compensation; tax was deducted at source on the perquisite value, and capital gains on sale were offered to tax. The omission was confined to the inaugural reporting year and arose in a fiduciary holding structure. Applying the principles that a mere technical or venial breach, without deliberate defiance or guilty intent, should not attract penalty, the lapse was treated as bona fide and technical, with no indication of concealment or tax evasion, and the penalty was deleted. en-us Wed, 01 Apr 2026 00:00:00 +0530 Thu, 04 Jun 2026 08:37:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=792817 Penalty under Section 43 of the Black Money Act is discussed as not being automatic where foreign asset non-disclosure in Schedule FA is inadvertent and the related income has already been taxed. The foreign assets were ESOP shares received as employment compensation; tax was deducted at source on the perquisite value, and capital gains on sale were offered to tax. The omission was confined to the inaugural reporting year and arose in a fiduciary holding structure. Applying the principles that a mere technical or venial breach, without deliberate defiance or guilty intent, should not attract penalty, the lapse was treated as bona fide and technical, with no indication of concealment or tax evasion, and the penalty was deleted. Case-Laws Income Tax Wed, 01 Apr 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=792817