Income Tax Dept warns public against cash dealings of Rs 2 lakh or more saying that the receiver of the amount will have to cough up an equal amount as penalty. CBDT further extends the time for Linking PAN with Aadhaar from 31st December 2017 to 31st March 2018.

A 70-year old lady can get 400 gm. of gold as customary gifts over a period of four decades : HC

Where over a period of 40 years a 70 years old lady received gifts of gold jewellery of about 400 gms. as per customs from relatives and family members, same could not be retained after seizure

Refer:[2016] 76 taxmann.com 163 (Delhi)

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