The assessee was signatory \u00a0in a\u00a0 foreign \u00a0the Bank Account \u00a0held by the mother . Amount in the said bank account was belong to mother . The Assessing Officer levied the penalty u\/s \u00a043A of the BMA for not disclosing the bank account in return of income . CIT(A) deleted the penalty . On appeal by the revenue the Tribunal held that , the amount held in bank account was not taxed in the hands of the assessee . The Assessee was only a signatory and held in a fiduciary capacity and was never operated by her . On account of search provisions of section. 153A had come to play and in the said return the account was disclosed . The non disclosure of account in the original return got substituted by return u\/s 153A \u00a0of the Act , which is advantage of the assessee . For non disclosure in previous years , the BMA Act was not in force and hence no lapses . The Non inclusion of account in its return is only technical or venial breach of law . The Order of CIT ( A) deleting the penalty was affirmed . \u00a0\u00a0\u00a0\u00a0(BMA No. 1\/Mum\/ 2022 dt 29 -3 -2022 ( AY. 2017 -18 )<\/p>\n","protected":false},"excerpt":{"rendered":"
Black Money ( Undisclosed Foreign Income & Assets) and Imposition of Tax Act , 2015. <\/p>\n
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 \u2013 Signatory for late Mother-Amount was donated to the Charity \u2013Not beneficial owner – Mere no disclosure is not valid ground for levy of penalty \u2013 Deletion of penalty was affirmed . [ S.10(3), Income -tax Act , 1961 132(4) 139 , 153A] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-26345","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-6QV","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/26345","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=26345"}],"version-history":[{"count":2,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/26345\/revisions"}],"predecessor-version":[{"id":30400,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/26345\/revisions\/30400"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=26345"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=26345"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=26345"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}