highly
probable that the High Denomination notes of Rs. 2,91,000
were included in this ... Ordinance came into force high denomination currency notes
could be used as freely as notes of any lower denomination
and no one had any idea
possibility that the
appellants had in their possession the 61 high denomination
notes on the relevant date and their explanation could not
be assailed ... denomination notes
in the cash balance and taken the other notes away. It
accepted the appellants' explanation only in regard to 31
notes
CITATOR INFO :
RF 1986 SC1849 (11)
ACT:
Income Tax-Sale of high, denomination notes-Sale proceeds,
if liable to tax- Indian Income ... HEADNOTE:
The assessee had encashed 51 high denomination notes of Rs.
1,000/- each in january, 1946. The assessee's explanation
in his application
High Court on
eleven questions set out therein Anusuya Devi asserted that
in her declaration under s. 6 of the High Denomination Bank
Notes (Demonetisation ... judgment the order of the High Court cannot be sus-
tained. The statement that out of 584 high denomination
notes disclosed by Anusuya Devi
being the value of the high denomination noted exchanged in pursuance to the demonetisation ordinance was an income of the assessee company from some undisclosed ... into force, the high denomination currency notes could be used as currency as freely as notes of any lower denomination
which was the amount of high, denomination notes encashed by the assessee on 19-1-1946, through the Ranchi Branch of the Bengal Central Bank ... High Court :
"Whether there is any material to justify the
assessment of Rs. 15,000/- representing the value
of High Denomination Notes
find
that high denomination bank note has been defined in Section
2 (d) to mean a bank note of the denominational value ... Bank Notes (Domination Bank Notes
(Demonetization) Ordinance, 1978 is the wiping out of a
public debt owing to the holders of the high denomination
bank
case may be briefly stated. The assessee, Guru Prasad, encashed high denomination notes of the value of Rs. 2,98,000 on January ... assessee was asked to disclose the nature and source of the high denomination notes. The Income-tax Officer did not accept the explanation furnished
Section 7 in The High Denomination Bank Notes (Demonetisation) Act, 1978
7. Exchange of high denomination bank notes held by other persons.
(1) Notwithstading anything ... Reserve Bank of India Act, 1934 (2 of 1934), any high denomination bank note owned by a person other than a bank or Government treasury
legal limits of its rights in converting notes of small denomination to the notes of high denomination for the purpose of safe keeping ... balance of Rs. 3,10,681 and it was highly probable that high denomination notes of the value of Rs. 2,91,000, which amount
