Taxpayer failed to disclose UAE bank account and foreign shares in ITR: ITAT Delhi upholds ₹1.86 lakh penalty
· livemint.com
An ITAT Delhi ruling has upheld a ₹1.86 lakh penalty against a taxpayer for failing to disclose his UAE bank account and foreign shareholding in his ITR. The tribunal rejected his explanations and held that the undisclosed foreign assets could be assessed under the Black Money Act for AY 2020-21.
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has upheld a ₹1.86 lakh penalty under the Black Money (Undisclosed Foreign Income and Assets) and ...