No Penalty Imposed: Taxpayer's Genuine Belief on 'Resident Outside India' Status Accepted u/s 271(1)(c) and 10(4)(ii.

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....Penalty u/s 271(1)(c) - exemption u/s 10(4)(ii) - the assessee was under bonafide impression that she is a ‘person resident outside India’ as defined under FEMA - the explanation furnished by the assessee in not disclosing the interest income in the return appears to be quite genuine, bonafide and acceptable - no penalty....