Penalty not warranted as non-reflection of foreign assets in return not malafide

Ocean Diving Centre Ltd. Vs CIT (ITAT Mumbai)

ITAT Mumbai held that penalty under section 43 of the Black Money (Undisclosed Foreign Income & Assets) and Imposition of Tax Act, 2015 unwarranted for non-reflection of investment in Schedule of ‘Foreign Assets’ in return as it was not mal

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