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Non-Beneficial Joint Holder Spared Black Money Act Penalty: Tribunal Upholds Bona Fide Belief Principle
In a significant ruling, the ITAT Mumbai held that a non-beneficial joint holder of a foreign asset is not liable under the Black Money Act for non-disclosure, provided the omission was based on a bona fide belief and the asset was fully disclosed by the beneficial owner. This judgment reinforces judicial discretion in imposing penalties under Section 43 and underscores the importance of intent in tax compliance.
Feb 224 min read