New Delhi, Aug. 14 -- The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has upheld an income tax demand and penalty under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, after an Indian taxpayer failed to disclose a foreign bank account and shares held in a UAE-based company.

Ashok Shankar, the assessee in the case, is a resident of India. During a search conducted in the Sanjay Bhandari Group, the Income Tax Department came across information indicating that Shankar had foreign assets.

The department also received information from the UAE authorities under the relevant tax treaty. The information revealed that Shankar maintained a bank account with Emirates BND Bank in Dubai. The accou...