Non-disclosure of Dubai a/c costs Rs 1.86L penalty
An income tax penalty totaling Rs 1.86 lakh was imposed on businessman Mr Shankar from Basavangudi, Bangalore, under the Black Money Act, 2015. The penalty was levied due to his failure to disclose his foreign bank account in Dubai at Emirates NBD and his shareholding in a UAE company. This ruling was handed down by Vimal Kumar and Ramit Kochar, members of the ITAT in Delhi, after an income tax search conducted by the department on April 27, 2016.
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