Undisclosed Foreign Bank Account: No Penalty on mere allegations without substantiated proof 

Charu Modi Bhartia Vs DCIT (ITAT Delhi)

In the case of Charu Modi Bhartia Vs DCIT before the ITAT Delhi, the tribunal overturned a penalty levied under Section 271(1)(b) of the Income Tax Act. The penalty stemmed from the assessee’s refusal to sign a consent waiver form regarding an alleged foreign bank account in HSBC Ge

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