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.

Reassessment proceedings couldn’t be initiated merely on basis of audit objections; SLP dismissed

Where High Court set aside reassessment proceedings on ground that said proceedings were based on mere audit objection that there was undervaluation of closing stock, SLP filed against said order was be dismissed

Refer:[2018] 100 353 (SC)

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