Black Money ( Undisclosed Foreign Income & Assets) and Imposition of Tax Act , 2015.
S. 43: Penalty for failure to furnish return of income an information , or furnish inaccurate particulars about an asset (including interest in any entity )located outside India- Foreign Bank Account – Signatory for late Mother-Amount was donated to the Charity –Not beneficial owner – Mere no disclosure is not valid ground for levy of penalty – Deletion of penalty was affirmed . [ S.10(3), Income -tax Act , 1961 132(4) 139 , 153A]
Addl. CIT v. Leena Gandhi Tiwari (2022) 216 TTJ 905 /96 ITR 384 / 212 DTR 105 ( Mum) ( Trib) www.itatonline .org