Supreme Court: Police May Freeze Bank Accounts under S.102 CrPC in Prevention of Corruption Cases  ||  SC: Arbitrator’s Mandate Ends on Time Expiry; Substituted Arbitrator Must Continue After Extension  ||  SC: Woman May Move Her Department’s ICC For Harassment by Employee of Another Workplace  ||  SC: Women’s Representation Requirement Applies to All Bar Associations in Gujarat  ||  SC: Contempt Power isn’t Judges’ Personal Shield nor a Tool to Silence Legitimate Criticism  ||  SC: Statutory Corporation Can Deduct under S.36(1)(viii) Only for Income from Long-Term Finance  ||  NCLT Kolkata: Costs for Compromise or Arrangement Scheme not Part of Liquidation Expenses  ||  NCLT Ahmedabad: Complaints Against Auditors or Company Secretaries Not Grounds for Company Probe  ||  SC: NCLT Can Forfeit Entire Deposit if Purchaser Defaults on Payment for Liquidation Assets  ||  Meghalaya HC: Non-Signatory or Non-Existent LLP Cannot Claim Arbitration via Group of Companies    

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  

Share :        

Disclaimer | Copyright 2025 - All Rights Reserved