ITAT interprets the word ‘may’ u/s 43 of BMA as directory and not mandatory
The Special Bench (‘SB’) of the Mumbai ITAT in the case 1 of Mr.Vinil Venugopal & Mrs.Ranjeeta Vinil has held that the word “may” u/s43 of the Black Money Act is discretionary, and not mandatory. Accordingly, the Assessing Officer (‘AO’) has the authority to decide whether to impose a penalty for non-disclosure of foreign assets based on the facts of each
