https://www.taxtmi.com/caselaws?id=63657 High-denomination notes declared on demonetisation were not treated as undisclosed income where the taxpayer's explanation was supported by the cash-based nature of the business, prior dealings in such notes and absence of a substantial increase in assets. The taxpayer, who did not maintain books or purchase vouchers, explained that smaller-denomination cash received in business was exchanged through banks for higher-denomination notes. Although specific bank conversion details were unavailable, the reported reasoning treated the explanation as credible in light of past bank deposits of similar notes and the taxpayer's established business practices. The addition was therefore deleted and the Revenue's challenge failed. en-us Wed, 13 Jun 1984 00:00:00 +0530 Tue, 01 Feb 2011 12:34:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63657 High-denomination notes declared on demonetisation were not treated as undisclosed income where the taxpayer's explanation was supported by the cash-based nature of the business, prior dealings in such notes and absence of a substantial increase in assets. The taxpayer, who did not maintain books or purchase vouchers, explained that smaller-denomination cash received in business was exchanged through banks for higher-denomination notes. Although specific bank conversion details were unavailable, the reported reasoning treated the explanation as credible in light of past bank deposits of similar notes and the taxpayer's established business practices. The addition was therefore deleted and the Revenue's challenge failed. Case-Laws Income Tax Wed, 13 Jun 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63657