ITAT deletes penalty – Bonafide mistake in disclosing foreign asset in ITR

Addl. CIT Vs Tejal Ashish Mehta (ITAT Mumbai)

ITAT Mumbai has upheld the deletion of a penalty of Rs. 10.00 lakhs imposed under section 43 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. The penalty was levied for the non-disclosure of a life insurance

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