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.

Sum received by partner on retirement by surrendering her right in firm couldn't be taxed: ITAT

Where assessee received amount on time of her retirement from partnership firm after surrendering her right, title and interest, same was said to be received for consideration and, thus, same could not be taxable in hands of assessee under section 56(2)(vi)

Refer:[2018] 89 taxmann.com 95 (Pune - Trib.)

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