Penalty for Foreign Asset Disclosure Cannot Be Imposed for Mere Technical Lapse: Bombay HC Penalty for Foreign Asset Disclosure Cannot Be Imposed for Mere Technical Lapse: Bombay HC Pr. CIT v. Shrem Alloys Pvt. Ltd. (Bombay High Court) 485(ITR)790 Facts: 1. The assessee acquired foreign assets. Disclosure was made in original returns for…
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