ITAT interprets the word ‘may’ u/s 43 of BMA as directory and not mandatory
TheSpecialBench(‘SB’)oftheMumbaiITATinthecase1ofMr.VinilVenugopal&Mrs.RanjeetaVinilhasheldthattheword“may”u/s43oftheBlackMoneyActisdiscretionary,andnotmandatory.Accordingly,theAssessingOfficer(‘AO’)hastheauthoritytodecidewhethertoimposeapenaltyfornon-disclosureofforeignassetsbasedonthefactsofeach
