Penalty not warranted as non-reflection of foreign assets in return not malafide

Ocean Diving Centre Ltd. Vs CIT (ITAT Mumbai) ITAT Mumbai held that penalty under section 43 of the Black Money (Undisclosed Foreign Income & Assets) and Imposition of Tax Act, 2015 unwarranted for non-reflection of investment in Schedule of ‘Foreign Assets’ in return as it was not malafide or dishonest breach/ non-disclosure. Facts- The Assessee being a domestic company resident in India, having the nature of business as “services”, declared its total income as “NIL” by filing its return of income on 30.11.2016. Subsequently during the course of investigation in the case of Mr...