1987 (5) TMI 56

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....ds have been raised in the memo of appeal, but mainly they relate to the following three disputes: (1) Addition of Rs. 1,95,607 under s. 40A(3). (2) Addition of Rs. 18,000 pertaining to the High Denomination of Notes. (3) Assessment of the firm as Unregistered Firm. Originally the ITO made an addition of Rs. 2,49,016 by holding that the payment were made for bogus purchases made by the....

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....e addition on account of High Denomination Noes, the facts are that the assessee tendered 30 Notes of Rs. 1,000 to the Reserve Bank of India for encashment on 19th Jan., 1978. They were found in the consecutive number such as 594, 971, 72, 74, 75, 78, 79, 80, 81, 82 and 83. The cash balance of the assessee on 19th Jan., 1978 was Rs. 48,096 as per the books of the assessee. The assessee withdrew a ....

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....nregistered Firm on the ground that Form 12 had not been filed, the assessee submitted a copy of Form No. 12, appears to have been filed on 28th June, 1979 with acknowledgement No. 7776 and receipted by the despatch clerk, C-V Ward, Bombay. This also requires verification. 5. Keeping in view the facts and circumstances of the case, we are satisfied that the assessee was not given in adequate op....