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.

Non-disclosure of income exempt from tax couldn't be treated as case of escaped income

Where gain from sale of shares by assessee was exempt from tax in terms of section 10(38), mere non-disclosure of such gain on sale of shares in return of income would not mean that capital gain from sale of shares had escaped assessment

Refer:[2019] 107 taxmann.com 421 (Bombay)

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