Section 43 of the Black Money Act provides a penalty of Rs. 10 Lakhs on an assessee for the Non-Disclosure of Foreign Income or Assets in their Income Tax Return.

Recent Posts

• Section 87A PIL disposed of by Bombay HC
• CIT(E) Can’t Reject Trust’s Registration Application Based on Only One Clause of Trust Deed- Surat ITAT
• GST on Accommodation Services
• CBDT clarification on applicability of PPT while granting treaty benefits:
• Interest on deposits of surplus fund would qualify for the deduction u/s 80P(2)(a): Kerala HC
• Bombay HC dismissed writ petition against reopening – Observed wrong mention of return not filed as a typographical error
• Limitation period runs from the date the DRP’s directions are uploaded on the ITBA portal.
• Reopening is invalid if the escaped income is below ₹50 lakh and the notice was issued after the 3-year limit
• No recovery can be made without following the procedure specified in Section 78 & 79 of the GST Act
• LTA claims of employees & Obligation of employers for TDS Compliance