2026 (6) TMI 492

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....-20. Since the issues involved in all the appeals are common and identical, we extract the grounds of appeal raised in BMA No.01/Ahd/2024 for Assessment Year 2016-17 for the purpose of adjudication. The decision rendered in the said appeal shall apply mutatis mutandis to the other appeal bearing BMA Nos. 2 to 4/Ahd/2024 for Assessment Years 2017-18 to 2019-20. BMA No.1/Ahd/2024 for AY 2016-17 2. The Revenue has raised the following grounds of appeal: 1) On the facts and in the circumstances of the case and in law the Ld.CIT(A) has erred in deleting the addition of Rs. 10,00,000/- u/s. 43 of the Black Money (Undisclosed Foreign Income and Assets) and imposition of Tax Act, 2015 ignoring the facts of the case that assessee had ....

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....filed under section 153A substitutes the original return filed under section 139(1) of the Act and therefore, once the foreign assets were duly disclosed in the return filed under section 153A, penalty under section 43 of the BMA was not leviable. The Ld.CIT(A) relied upon the decision of the Hon'ble Gujarat High Court in the case of Kirit Dahyabhai Patel Vs. ACIT reported in 80 taxmann.com 162 (Gujarat), wherein it was held that return filed under section 153A is to be treated as return filed under section 139 of the Act for the purpose of penalty proceedings. The Ld.CIT(A) further relied upon the decision of the Hon'ble ITAT in the case of Leena Gandhi Tiwari reported in 136 taxmann.com 409, wherein it was held that once disclosure of for....

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....rically held that return filed pursuant to notice under section 153A is to be treated as return filed under section 139 of the Act. Therefore, once the return filed under section 153A substitutes the original return, the disclosure made therein cannot be ignored while examining levy of penalty. We further find that the coordinate bench of the Tribunal in the case of Leena Gandhi Tiwari (supra) has held that once disclosure of foreign assets is made in the return filed under section 153A, penalty under section 43 of the BMA cannot be levied merely because such disclosure was absent in the original return filed under section 139(1). In the present case also, the assessee has voluntarily disclosed the foreign assets in the return filed under s....