No Penalty for Minor/Inadvertent Errors in Reporting Foreign Assets in Tax Returns

ACIT Vs Rohit Krishna (ITAT Mumbai) Income Tax Appellate Tribunal (ITAT), Mumbai, addressed five appeals filed by the Revenue in the case of ACIT vs. Rohit Krishna. These appeals pertained to penalties imposed under Section 43 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. The penalties were levied for the non-reporting of a foreign asset, specifically an investment account with Equatex UK Ltd., in Schedule FA (Foreign Assets) of the income tax returns filed by the assessee for the relevant assessment years. The Assessing Officer contended that such...