CBDT amends Instruction: No Prosecution Under Black Money Act where Penalty Provisions do not Apply

The CBDT has amended an instruction, stating that "no prosecution under the Black Money Act" will be initiated where "penalty provisions do not apply." This amendment, which is a significant step towards a more transparent and less intrusive tax environment, provides much-needed clarity for taxpayers. The move is aimed at ensuring that taxpayers are not penalized for minor infractions.