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 denial of dep. just because machinery was used only for trial production

Depreciation in respect of machinery to be allowed even if same was used only for trial production; SLP dismissed

Refer:[2018] 98 taxmann.com 368 (SC)

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