ITAT Deletes BMA Penalty as Foreign Assets Were Disclosed in Section 153A Returns

ACIT Vs Ansul Darshan Shah (ITAT Ahmedabad) No Black Money Act Penalty as Section 153A Return Replaced Original Return; ITAT Rejects BMA Penalty Due to Voluntary Disclosure of Foreign Assets After Search; Foreign Asset Disclosure in Section 153A Return Bars Section 43 BMA Penalty: ITAT. The Revenue filed four appeals against separate orders dated 27.06.2024 passed by the Commissioner of Income Tax (Appeals)-11, Ahmedabad, relating to Assessment Years 2016-17 to 2019-20. Since the issue involved in all appeals was identical, the Tribunal considered the facts of Assessment Year 2016-17, with its...