2023 (4) TMI 1403

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....ncome and Assets) and Imposition of Tax Act, 2015 ( herein after referred to as "the Act"). 3. Ms. Madhumalti Gosh, representing the Department submitted that the assessee is an Indian Resident having an asset located outside India in the form of Life Insurance Policy. As per the provisions of the Act the assessee was under obligation to disclose all assets held by assessee located outside India in Schedule -FA of the Income-tax Return. The assessee failed to disclose Life Insurance Policy held by assessee outside India in Schedule-FA to the return of income. Hence, the Assessing Officer levied penalty u/s. 43 of the Act. In first appellate proceedings, the CIT (A) deleted the penalty placing reliance on the decision of Tribunal in the cas....

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....liance with regard to foreign asset. After declaration of the said policy, the assessee in F.Y. 2015-16 surrendered the policy and the receipts therefrom were declared in the return of income in Schedule -EI of the return for assessment year 2016- 17. The Ld.Counsel for the assessee submitted that after the surrender of policy the assessee was under bonafide belief that since the declaration of foreign asset is made under One Time Compliance Scheme of the Act and that the policy has been surrendered during the Financial Year 2015-16, there was no further requirement to declare the same in the return of income. The Ld.Counsel for the assessee pointed that the assessee in the Statement of Income filed along with return of income had disclosed....