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
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
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
income, of the assessee at a
certain figure. Following demonetization of high
denomination notes the assessed encashed notes of the value ... sale proceeds of forest produce, fisheries
etc. Following demonetization of High Denomination Notes in
January 1946 the assessee encashed such notes of the value
IXth Schedule Ordinance No. III of 1946 called the
High Denomination Bank Notes (Demonetisation) Ordinance, 1946. By S. 3 of
that Ordinance, after January ... high denomination bank notes,
notwithstanding anything contained in S. 26 of the Reserve Bank of India
Act, 1934 ceased to be legal tender in payment
being the amount of certain high denomination notes encashed by the appellant, as income from undisclosed source. Being aggrieved by this addition, the appellant appealed ... positive and tangible proof to correlate the encashment of high denomination notes worth Rs. 2,38,000 with any previous saving or withdrawals
denomination is sought to be demonetized.
18. Shri Chidambaram submits that, on earlier occasions i.e.
by the High Denomination Bank Notes (Demonetization)
Ordinance ... Ordinance, high
denomination bank notes were meant to be “all series” of bank
notes of the denominational value
