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ITAT, Mumbai: Non-Disclosure of Foreign Asset in ITR Not Valid Reason for Imposition of Penalty - (08 Apr 2022)

DIRECT TAXATION

Income Tax Appellate Tribunal (ITAT), Mumbai has observed that non disclosing of a foreign asset in the income tax return, by itself, is not a valid reason for a penalty under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 if the investment source is well explained by the assessee.

Tags : INCOME TAX APPELLATE TRIBUNAL   FOREIGN ASSET   INCOME TAX RETURN   BLACK MONEY ACT   ASSESSEE  

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