New Delhi, Aug. 13 -- The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has upheld a Rs.1.86 lakh penalty under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, against taxpayer Ashok Shankar for failing to disclose a foreign bank account and interest in a UAE company in his income tax returns.

The case originated from a search conducted by the Income Tax Department on 27 April 2016 in connection with the Sanjay Bhandari group.

The department subsequently received information from UAE authorities under the exchange-of-information provisions of the India-UAE tax treaty. The information, received by the Assessing Officer on 25 April 2019, showed that Shankar had a bank account with Emirate...