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.

ITAT allowed Rs. 1 crore relief claimed u/s 54EC as assessee invested Rs. 50 lakh each in 2 diff. FY

Where assessee invested a sum of Rs. 50 lakhs each in two different financial years, within a period of six months from date of transfer of capital asset, he was eligible for deduction under section 54EC

IT: Where assessee, a co-promoter of a company, sold shares with professional efforts of a broker and claimed cost incurred by him in making payment to said broker but Assessing Officer held that said cost was to be paid by company and not by assessee, whole issue needed re-examination by Assessing Officer
Refer:[2018] 89 taxmann.com 442 (Mumbai - Trib.)

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