No Penalty for Genuine Oversight in Foreign Asset Disclosure: ITAT Chandigarh

 Akshay Bhan Vs ACIT (ITAT Chandigarh) Mere non-disclosure of Foreign Asset in the Income tax return, by itself, does not lead to Penalty u/s 43 Assessee is an individual who made investments through legitimate sources through banking channels under Liberalized Remittances Scheme for resident individuals in a foreign company in FY 2011-12, 2012-13 & 2015-16. AO imposed a penalty of Rs. 10 Lakhs u/s 43 of the Black Money Act for the AYs 2016-17, 2017-18 & 2018-19 on the grounds that these investments were not disclosed in schedule FA of the ROI which was also confirmed by the CIT. Asse...