demonetization announced by the government, the
assessee company had deposited High Denomination Notes
amounting Rs. 2,12,56,500/- out of the cash in hand ... Deposit of High
Denomination Notes of Rs.2,12,56,500/- out of the available cash
in hand is a plausible explanation especially when
This Court was concerned there with the encashment of high
denomination notes. In that case some unexplained high
denomination notes were treated as the undisclosed ... assessee which showed the receipt of a sum on conversion of
high denomination notes tendered for conversion by the
assessee himself. it is necessary
return showing " nil " income. When
asked about the high denomination notes which he had
uncashed, he said in a letter dated January ... father. The affidavit assures us
that the declaration regarding high denomination notes was
made on the information given him by his father. The
assessee
Komal Kumar Kedia, Ranchi vs Ito,Ward-1(5), Ranchi on 15 March, 2019
IN
chain of transactions could exceed the amounts, involved in the high
denomination notes,---this also was a pure conjecture or surmise on the part ... were, came
to the conclusion that the possession of 150 high denomination notes of Rs. 1,000 each was
satisfactorily explained by the appellant
Commissioner of Income-tax . In that case, the assessee encashed 61 high denomination notes of the value of Rs. 1,000 each on 18th January ... called upon the assessee to explain the possession of these 61 high denomination notes. The assessee submitted that they were received
held as follows (p. 120):
" In cases of high denomination notes, where the business and the state of accounts and dealings of the assessee ... kept the whole or a part of a particular sum in high denomination notes, the assessee, prima facie, discharges his initial burden when he proves
relevant to the assessment year 1978-79, the assessee declared 21 high denomination notes of Rs. 1,000 each totalling ... Dena Bank from time to time and exchanged smaller notes into high denomination notes through her family friend, Shri Prem Harchandrai, Bombay, whose address
chain of transactions could exceed the amounts,
involved in the high denomination notes,---this also was a pure conjecture or surmise
on the part ... were, came to the conclusion that
the possession of 150 high denomination notes of Rs. 1,000 each was satisfactorily
explained by the appellant
High Denomination Bank Notes
(Demonetisation) Ordinance, 1946 (Ordinance No. III Of
1946), ss. 4, 7.
HEADNOTE:
Under ... contravened the provisions of S. 4 of the High Denomination
Bank Notes (Demonetisation) Ordinance, 1946. The Ordinance
was promulgated by the Governor-General of India
