ITAT Delhi upholds ₹1.86 lakh penalty for taxpayer failing to disclose UAE bank account and foreign shares in ITR

Summary

The ITAT Delhi has upheld a ₹1.86 lakh penalty against a taxpayer who failed to disclose a UAE bank account and foreign shareholding in his Income Tax Return. The tribunal ruled that the undisclosed foreign assets could be assessed under the Black Money Act for AY 2020-21.

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