|Income Tax Appellate Tribunal
Section 43 BMA | No Penalty for Foreign Assets Disclosed in Section 153A Return Even If Omitted in Original Return : ITAT Ahmedabad
ITAT Ahmedabad rules that penalty under Section 43 of the Black Money Act cannot be imposed if foreign assets are disclosed in a return filed under Section 153A, even if omitted in the original return. The decision shields taxpayers from penalties for voluntary disclosures made post-search, reinforcing procedural fairness in foreign asset reporting.