evidence: Any misreporting/underreporting of income and assets in Indian tax filings may result in penal consequences and, in appropriate cases, prosecution proceedings may be launched under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 ("BMA") and the Income Tax Act, 1961. The Indian government introduced the BMA to curb black money, or undisclosed foreign assets and income by imposing taxes and penalties on such income. The BMA entered into effect on 1 April 2016. [...] The Mumbai tax tribunal upheld the CIT(A)’s order by confirming the levy of penalty under section 43 of the BMA for nondisclosure of foreign assets in the income tax return filed by the taxpayer. The court made the following observations:- Section 43 of the BMA contains provisions for the levy of a penalty for failure to furnish the return of income, information or inaccurate particulars about an asset (including a financial interest in any entity) located outside India.