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Taxpayer failed to disclose UAE bank account and foreign shares in ITR: ITAT Delhi upholds 1.86 lakh penalty

An ITAT Delhi ruling has upheld a 1.86 lakh penalty against a taxpayer for failing to disclose his UAE bank account and foreign shareholding in his ITR. The tribunal rejected his explanations and held that the undisclosed foreign assets could be assessed under the Black Money Act for AY 2020-21.