Penalty Deleted as Foreign Asset Disclosure Defect Cured in Section 153A return Before Notice

Advertisement PCIT Vs Shrem Alloys Pvt Ltd (Bombay High Court) The Bombay High Court heard an appeal concerning an imposed penalty of Rs.10 lakhs relating to disclosure of foreign asset acquisition. Although the tax effect was limited, the appellant argued that the matter fell within exceptions under CBDT Circular No. 3 of 2018. The Court proceeded to hear the matter on merits without deciding the applicability of the exceptions. The appellant contended that although the assessee had disclosed the acquisition of foreign assets, the disclosure was not made in the prescribed format, justifyin...