ITAT Mumbai Restores Section 43 Penalty Matter for Fresh Verification of Foreign Bank Accounts

Sanjana Sanjay Arora Vs DDIT (ITAT Mumbai) The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) set aside the order confirming a penalty of ₹10 lakh levied under section 43 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, in the case of Sanjana Sanjay Arora for AY 2017-18. The penalty was imposed for alleged non-disclosure of a foreign bank account maintained with Barclays Bank UK PLC in Schedule FA of the return of income. The assessee contended that she had only one primary GBP account and that the EURO and USD accounts were merely add-o...