Black Money Act Penalty Quashed Because as Bona Fide Believed No Return Was Required

Arpit Gupta Vs DDIT/ADIT (ITAT Jaipur) The Income Tax Appellate Tribunal (ITAT), Jaipur, allowed the assessee’s appeal against the order of the Commissioner of Income Tax (Appeals), which had confirmed a penalty of Rs.10 lakh imposed under Section 42 read with Section 46 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. The penalty was levied by the Assessing Officer on the ground that during the financial year relevant to Assessment Year 2019-20, an amount of Rs.7,86,852 was credited to the assessee’s account from a source outside India. A...