ITAT Deletes Black Money Act Penalty Due to Bona Fide Schedule FA Omission

Kumar Ramanathan Vs DDIT/ADIT (ITAT Chennai) ITAT Cancels Section 43 Penalty as Foreign Investment Came From Disclosed Sources; No Black Money Act Penalty for Inadvertent Foreign Asset Disclosure Lapse; ITAT Removes ₹10 Lakh Penalty Since Schedule FA Error Was a Technical Breach; Black Money Act Penalty Quashed as Non-Disclosure Was Not Deliberate: ITAT. In a batch of appeals for Assessment Years 2020-21 to 2023-24, the Income Tax Appellate Tribunal (ITAT), Chennai, considered whether penalty under Section 43 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Ac...