| Question And Answer | |
|---|---|
| Subject: | penalty u/s 43 |
| Category: | Income-Tax |
| Querist: | BS |
| Answered by: | Advocate Shashi Ashok Bekal |
| Tags: | Penalty 43 |
| Date: | April 29, 2023 |
FA disclosed in audit, TP report etc but not in ITR return
what defence and any case law ?
is it rs 10 lac per entry ?
It is pertinent to note that the levy of penalty under section 43 of the Black Money Act is not mandatory in nature. The Hon’ble ITAT – Mumbai in the case of Leena Gandhi has concurred with this view. Even the Budget speeches while introducing the Black Money Act have clarified the intention of the legislature and it is not to levy a penalty on bona fide non-compliance. The fact that the assessee has disclosed it in the TP Report and Audit report shows the bona fides of the assessee.
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