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2017 (10) TMI 629 - AT - Income TaxPenalty levied u/s 271(1)(b) - appellant has not furnished 'consent form' in respect of alleged undisclosed overseas bank account - Held that:- In the present case the information was received by the government of India under the information exchange agreement with other countries. Issue involved is not of registering or mere technical or venial compliance default by the assessee but it is with respect to holding a foreign bank account with the bank of the foreign country, which has not been allegedly disclosed by the assessee to the Indian tax authorities. Therefore it is neither a technical nor venial default to not to sign a consent letter to arrive at the true facts of that particular bank account when the two of the relatives of the assessee are also subject to similar proceedings and addition in their hands are confirmed by the 1st appellate authority In view of above facts we do not find any infirmity in the order of the ld. AO in levying penalty u/s 271(1) (b) of the act of ₹ 10,000/- for all these seven years and Ld CIT (A) in confirming the same. - Decided against assessee.
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