TaxTMI 
TaxTMI 
2023 (7) TMI 1560
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...., 2015 (hereinafter referred to as 'the BMA') for AYs 2016-17, 2017-18 & 2018-19, respectively. All the three impugned orders are of even date i.e. 08.05.2023. Since, the grounds raised and the issue germane to the grounds of appeal in all the three AYs are identical, these appeals are taken up together for adjudication and are decided by this common order. BMA No. 13/Mum/2023 for AY 2016-17 2. Sh. Pritesh Mehta appearing on behalf of the assessee submitted that the assessee has made investments in offshore mutual fund Global Dynamic Opportunities Fund Ltd. (in short 'GDOF') based in Mauritius. The assessee had made investments in offshore fund in his own name and in the name of his children viz. Ms. Harshita Nirmal Jain (Daughter), M....
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....see has failed to furnish information or furnish inaccurate particulars in the return of income relating to any assets located outside India. As per assessee's own admission, the assessee has not disclosed investments made outside India in the name of his children in his return of income. 4. We have heard the submissions made by rival sides and have examined the orders of authorities below. Undisputedly, the assessee in his return of income Schedule FA, has failed to report investments made in the name of his children / minor children during the period relevant to AY under appeal. It is not the case of assessee that a separate return of income for the impugned AY in the name of children are filed and disclosure of overseas investments is....
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.... as a beneficial owner or otherwise, or in respect of which he was a beneficiary, or relating to any income from a source located outside India, at any time during such previous year, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum of ten lakh rupees: Provided that this section shall not apply in respect of an asset, being one or more bank accounts having an aggregate balance which does not exceed a value equivalent to five hundred thousand rupees at any time during the previous year. Explanation.-The value equivalent in rupees shall be determined in the manner provided in the Explanation to section 42." 6. A perusal of the provisions of section 43 would show that where the assessee....
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....tments in assessee's own name and non-reporting of investments in the name of children. The assessee has contended that non-reporting is a bonafide mistake, nevertheless, it is unsubstantiated. 7. The contention of ld. AR of the assessee is that investments have been made from source of funds duly accounted in books and no black money is involved for the purpose of making investments overseas. The said contention of assessee may be true, but penalty u/s 43 of BMA is levied for non-reporting of overseas investments and not for making investments from unaccounted money. The provisions of section 43 of BMA may appear to be relentless, but a plain reading of section leaves no scope of gateway to delete penalty even if overseas investments ar....