Concealment of Income::
Last updated: 07 September 2007
Court :
High Court
Brief :
Held by the Hon"ble court that the expression "money" has different shades of meaning. In the context of income tax provisions, it can only be a curreny token, bank notes or other circulating medium in general use, which has representative value. The high denomination currency notes on the day when it was found to be in possession of the assessee were only scraps of paper as RBI refused to exchange them and could not be used as circulating medium in general use. Hence could not be treated as unexplained money and penalty could not be imposed under section 271(1)(c) of the Income-tax Act, 1961.
Citation :
C.I.T. Vs. Andhra Pradesh Yarn Combines P. Ltd.
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CA.Saibaburao Nanduri
Published in Income Tax
Views : 66
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