https://www.taxtmi.com/caselaws?id=39516 Income from an undisclosed source is assessable only with reference to the ordinary financial year in which it accrued. Applying that principle to cash linked with encashment of high denomination notes under the Demonetisation Ordinance, the High Court found the relevant accounting year to be 1 April 1945 to 31 March 1946. The amount, if taxable at all as undisclosed income, therefore belonged to assessment year 1946-47 and could not be brought to tax in assessment year 1947-48. The answer was against the revenue and in favour of the assessee. en-us Thu, 27 Jun 1974 00:00:00 +0530 Fri, 16 Apr 2010 18:37:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39516 Income from an undisclosed source is assessable only with reference to the ordinary financial year in which it accrued. Applying that principle to cash linked with encashment of high denomination notes under the Demonetisation Ordinance, the High Court found the relevant accounting year to be 1 April 1945 to 31 March 1946. The amount, if taxable at all as undisclosed income, therefore belonged to assessment year 1946-47 and could not be brought to tax in assessment year 1947-48. The answer was against the revenue and in favour of the assessee. Case-Laws Income Tax Thu, 27 Jun 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39516