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. 2 CPC now is Withdrawing Notice u/s 139(9) with the remarks that it has been issued inadvertently.

ITAT slams AO for denying sec. 54B relief if assessee duly proved that sold land was used for growing crops

Where assessee had provided relevant material which indicated growing of dry crops in two assessment years prior to sale of land, exemption under section 54B was to be granted

Refer:[2017] 87 151 (Pune - Trib.)

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