NON-DISCLOSURE OF A FOREIGN ASSET IN ITR IS NOT A VALID REASON FOR THE IMPOSITION OF A PENALTY IF THE SOURCE OF INVESTMENT IS WELL EXPLAINED: MUMBAI ITAT The order was challenged by the Assessing Officer by submitting that the Commissioner (Appeals) erred in deleting the penalty which was imposed on the taxpayer. The assessee being aggrieved by this order, approached the ITAT. Pramod Kumar and Rahul Chaudhary led bench of the Income Tax Appellate Tribunal have held that non-disclosure of a foreign asset in IT return cannot be a reason for penalty under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. With a team of Tax Law experts, Reddy & amp; Reddy Law Firm has extensive experience and involvement in commercial disputes, including Insolvency Proceedings. We are regularly involved in representations before NCLT, NCLAT, DRT, and other commercial tribunals in India.