Man did not disclose UAE bank account and foreign shares in ITR, I-T dept imposed Rs 1.86 lakh penalty; He escalates the case but ITAT Delhi offers no relief

Vimal Kumar, a judicial member and Ramit Kochar, an accountant member of ITAT Delhi,recently upheld a penalty of Rs 1.86 lakh imposed under Black Money Act, 2015 against businessman Mr Shankar from Basavangudi, Bangalore. This penalty was imposed under the Black Money Act, 2015, due to his failure to file schedule FA in his income tax return (ITR), to report his foreign bank account (Emirates NBD) and shareholding in an UAE company.

How non-disclosure of Dubai bank account led to this tax penalty