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NewsPolicyRadarMonday, 12 October 2026NEW

Income Tax | ITAT Mumbai Deletes Section 43 Black Money Act Penalty for Bona Fide FA Omission

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Summary
ITAT Mumbai deletes Rs. 10 lakh penalties for three years, holding inadvertent non-disclosure of foreign assets insufficient for Section 43 penalty.
Key Facts
TypeNews
SourcePolicyRadar India
PublishedMonday, 12 October 2026
Affected Population1.4 billion citizens, 63 million MSMEs
Key Numbers
GDP: $3.9 trillion (2025 est.)
Fiscal deficit target: 4.4% of GDP
GST collection: Rs 1.87 lakh crore/month avg
Key Authorities
Ministry of FinanceRBISEBIDEA
Key Stakeholders
TaxpayersBanks & NBFCsInvestors
Government Context
NDA IIIBJP-led NDA
Centre-Right
LeftCentreRight
Explore Sectors
Finance & Economy671 tracked→
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