2024 (12) TMI 859 - AT - Income Tax

Black Money (Undisclosed Foreign Income Assets) and Imposition of the Tax - imposing a penalty on the grounds of alleged non-disclosure of Foreign Assets - Whether employee already disclosed the same in salary details? - HELD THAT - Before us, a letter duly signed by the assessee has been filed stating that the assessee has paid the penalty amount, and therefore, did not wish to litigate the matter, hence, requested for withdrawal of the appeal for all the three assessment years. In view of the request for withdrawal of the appeal by the assessee, all the three appeals of assessee are dismissed as withdrawn. All the three appeals of the assessee are dismissed.

Summary

The ITAT Mumbai dismissed three appeals by the assessee against orders of the CIT(A) under the Black Money Act for AYs 2019-20, 2020-21, and 2021-22. The penalty of Rs. 10,00,000 for non-disclosure of foreign assets was upheld. The assessee paid the penalty and requested withdrawal of the appeals, which were dismissed as withdrawn.