2026 (6) TMI 544

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....CIT ORDER PER SANJAY GARG, JUDICIAL MEMBER: The present appeal has been preferred by the assessee against the order of Ld. Commissioner of Income Tax, (Appeals),(hereinafter referred to as "Ld. CIT(A)")dated 20.03.2025passed u/s 43of the Black Money (Undisclosed Foreign Income & Assets) and Imposition of Tax Act, 2015 (hereinafter referred to as "BMA Act"). 2. The assessee in this appe....

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....The assessee has been duly disclosing the interest income earned on the said deposits lying in the Foreign Banks and duly paying the due taxes in India. As the assessee was advised, a person who has income from other sources only and no business or professional income, is supposed to file his return of income in ITR Form 1 (Sahaj). This is a simplified form for the persons who have not to claim an....

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....e has submitted that the assessee was not aware that the assessee has to fill some other ITR form having column about the Foreign Deposit/Assets and that there was no intentional non-compliance of any provisions of the BMA Act. 4. We have considered the rival submissions. Though, as per the Section 6 of the BMA Act, the assessee was supposed to declare the Foreign Assets in his return of income....

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....s of income and due tax are duly paid upon the said interest income. The assessee was of bona fide belief that there was no other requirement for the assessee to disclose his Foreign Assets and there was even no column or note in the prescribed form requiring the assessee to disclose said Foreign Asset/Deposits. Though, apparently it appears a violation of provision of Section 43 of Black Money Ac....