DDIT(Inv.) Lacked Jurisdiction Beyond ₹5 Lakh Limit – Only Regular AO Can Levy Higher Penalty under BMA

Sadanand Bhalchandra Sule Vs Dy. Director of Income Tax (Inv.) (ITAT Mumbai)

Penalty u/s 43 Quashed – DDIT(Inv.) Lacked Jurisdiction to Levy ₹10 Lakh Penalty Beyond ₹5 Lakh Limit under CBDT Guidelines: Only Regular AO Can Levy Penalty Exceeding ₹5 Lakh under BMA- ITAT Mumbai

Assessee filed four appeals challenging the levy of penalty of ₹10,00,000 each u/s 43 of the Black Money (Undisclosed Foreign Income & Assets) & Imposition of Tax Act, 2015 (“BMA”) for non-disclosure of shareholdings in two Singapore entities—Manquist Holdings Pte

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