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.

Sec. 54 relief couldn't be disallowed merely because new house was purchased by taking housing loan

Where assessee had purchased new house property within stipulated period of two years from date of transfer of original asset, deduction under section 54 could not be disallowed on ground assessee had utilized housing loan taken for purchase of home

Refer:[2018] 98 taxmann.com 393 (Mumbai - Trib.)

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