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 till 30th June, 2018.

HC slams AO for completing reassessment on ground other than one on which notice of reassessment was issued

Where reassessment notice was issued to tax gain/loss on sale of investments made in mutual funds whereas reassessment order was passed on a completely different ground to tax forfeited share application money, reassessment order was unjustified

Where Assessing Officer passed assessment order under section 147 without first passing a speaking order on objections raised by assessee to issuance of notice under section 148, assessment was unjustified

Refer:[2017] 81 73 (Madras)

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