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.

No penalty if assessee, following ICAI guidelines, was in bona fide belief that sec. 44AB wasn't applicable

Where securities held by assessee were disclosed as investment in books of account whereas profit arising on sale of those securities was reflected as business income, said method being accepted by ICAI, plea raised by assessee that it was under bona fide belief that provisions of section 44AB did not apply to its case, deserved to be accepted

Refer:[2017] 87 taxmann.com 202 (Kolkata - Trib.)

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