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.

No Concealment penalty just because deduction was claimed under wrong section relying advise of CA

Concealment penalty could not be levied merely because assessee on advice of his CA made a wrong claim of deduction under section 80-IA

Refer:[2018] 90 taxmann.com 150 (Punjab and Haryana)

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