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.

No sec. 263 revision if AO had allowed exp. after making reasonable enquiry : ITAT

Where assessee company claimed expenditure towards payments made to cricket players under head 'advertisement and publicity' and Assessing Officer after making enquiry and considering explanation furnished by assessee allowed such expenditure, Commissioner was unjustified in disallowing claim of assessee by invoking section 263 on grounds that Assessing Officer had not made proper enquiries

Refer:[2018] 99 222 (Delhi - Trib.)

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