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. 68 additions on sale of shares if purchase transactions of said shares had been accepted as genuine

Where Assessing Officer had accepted purchase of shares by assessee as genuine transaction, in such a case, when assessee sold said shares subsequently, AO could not make addition of entire sale consideration to assessee's income under sec. 68 taking a view that amount so realised was nothing but assessee's own unaccounted money

Refer:[2018] 100 439 (Delhi - Trib.)

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