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HomeDirect TaxPenalty for Non-Disclosure of Foreign Assets Is Not Automatic Under Black Money...

Penalty for Non-Disclosure of Foreign Assets Is Not Automatic Under Black Money Act: ITAT

Direct Tax

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By Mariya Paliwala
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The Bangalore Bench of the Income Tax Appellate Tribunal (ITAT) has held that penalty under Section 43 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, for failure to disclose foreign assets in Schedule FA of the income tax return is not automatic and must be imposed only after…

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Mariya Paliwala
Mariya Paliwalahttps://www.jurishour.in/
Mariya is the Senior Editor at Juris Hour. She has 7+ years of experience on covering tax litigation stories from the Supreme Court, High Courts and various tribunals including CESTAT, ITAT, NCLAT, NCLT, etc. Mariya graduated from MLSU Law College, Udaipur (Raj.) with B.A.LL.B. and also holds an LL.M. She started her career as a freelance tax reporter in the leading online legal news companies.

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