Tag Archives: high denomination notes encashed

Taxation of high denomination notes encashed as undisclosed Income

By | November 19, 2016

Facts of the case   On January 22, 1946, Banerjee encashed high denomination notes of the value of Rs. 51,000. In his application under the Ordinance which demonetized high denomination notes, Banerjee gave the reason for the possession of the notes as follows : “I am engaged in business as colliery proprietor, contractor, under Messrs.… Read More »