No Penalty on Wife When Foreign Investment Already Disclosed by Husband: Bombay HC

PCIT Vs Aditi Avinash Athavankar (Bombay High Court) The Bombay High Court considered an appeal concerning the levy of penalty under Section 43 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. The Revenue argued that the assessee, the wife, failed to disclose a foreign investment in Schedule FA for the assessment year 2017–2018. However, the record showed that her name appeared only as a joint holder in an investment made by her husband for administrative convenience. It was also undisputed that the husband had already disclosed the investment in hi...