Judgements

Possession of demonitised note found in survey. As it is not legal tender no addition or penalty possible

November 19, 2016

Possession of demonitised note found in survey. As it is not legal tender no addition or penalty possible. CIT vs. Andhra Pradesh Yarn Combines(P) Ltd. [TS-5427 ITAT-1995(BANGALORE)- O] In the present case, assessee was found in possession of unexplained money in form of high denomination notes, which had ceased to be legal tender and had […]

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Supreme Court refuses to stay ban on Rs 500, Rs 1000 notes

November 16, 2016

The Supreme Court on Tuesday refused to stay the Modi government’s notification demonetizing Rs 500 and Rs 1,000 currency notes+ but asked the Centre to file an affidavit giving details of steps taken to ease inconvenience faced by citizens+ due to long queues at banks and ATMs. “We will not be granting any stay,” a […]

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