Case Law Analysis
|Income Tax Appellate Tribunal
Black Money Act Section 43 | Inadvertent Foreign Account Number Error in Schedule FA Exempts Penalty if Full Transaction Disclosure Made : ITAT Mumbai
ITAT Mumbai has ruled that a genuine, inadvertent misstatement of a foreign bank account number in Schedule FA does not attract penalty under Section 43 of the Black Money Act, provided all transaction details are fully disclosed and the account is otherwise reported. This sets a critical precedent for taxpayers who make clerical errors while acting in good faith, reinforcing that intent and completeness of disclosure outweigh technical inaccuracies.