Black Money Act Penalty Set Aside as Non-Disclosure Was a Bona Fide Mistake

Advertisement Shiva Shankar Mathur Vs DDIT/ADIT (Inv.) (ITAT Jaipur) The Jaipur Bench of the Income Tax Appellate Tribunal (ITAT) allowed the assessee’s appeal and deleted the penalty imposed under Section 43 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 for non-disclosure of foreign assets in the income tax return. The assessee challenged the order of the Commissioner of Income Tax (Appeals), who had upheld the penalty levied by the Assessing Officer for failure to disclose foreign bank deposits in the return of income for Assessment Year 2019...