Black money - levy of penalty - undisclosed investment in ...

Penalties for Black Money & Undisclosed Foreign Investments: AI Enhances Enforcement Under Schedule "FA" & BMI Act.

December 2, 2023

Case Laws Income Tax AT

Black money - levy of penalty - undisclosed investment in foreign entity - No doubt the Schedule “FA” and BMI Act, have been introduced and enacted for checking the economic offenders, tax evaders and for analyses of information qua foreign investment/income by using artificial intelligence and Schedule “FA” applicable specifically to the Assessee(s) whose accounts are not required to be audited or if audited but books of account not filed along with the return of income. However, in each and every case, the penalty as prescribed in section 43 of the Act, cannot be imposed. - AT

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Black money - levy of penalty - undisclosed investment in ...

Penalties for Black Money & Undisclosed Foreign Investments: AI Enhances Enforcement Under Schedule "FA" & BMI Act.

December 2, 2023

Case Laws Income Tax AT

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