https://www.taxtmi.com/caselaws?id=793163 Penalty for non-disclosure of foreign bank deposits and assets was held unsustainable where the deposits arose from past overseas earnings, the related interest income had been disclosed in India and tax was paid. The return form for the relevant year did not contain a specific column requiring disclosure of such foreign assets, and the form was later amended to add that requirement. On these facts, the omission was treated as a bona fide mistake rather than deliberate concealment of offshore income or black money, so penalty under Section 43 was deleted. en-us Tue, 26 May 2026 00:00:00 +0530 Wed, 10 Jun 2026 07:26:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=793163 Penalty for non-disclosure of foreign bank deposits and assets was held unsustainable where the deposits arose from past overseas earnings, the related interest income had been disclosed in India and tax was paid. The return form for the relevant year did not contain a specific column requiring disclosure of such foreign assets, and the form was later amended to add that requirement. On these facts, the omission was treated as a bona fide mistake rather than deliberate concealment of offshore income or black money, so penalty under Section 43 was deleted. Case-Laws Income Tax Tue, 26 May 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=793163