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TMI Blog1984 (6) TMI 110X X X X Extracts X X X X X X X X Extracts X X X X ..... s explained that these notes were acquired by him in the course of his business in smaller denomination notes and were subsequently converted into high denomination notes of Rs. 1,000 each from the bank. However, having failed to state the name of the branches of the bank alongwith the dates of conversion into high denomination notes the ITO did not accept the explanation and treated the same as i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any purchase memos for them does not arise at all. It is further admitted that the appellant on being gheraoed by so many people of income-tax Department at the time of survey under s. 133A, got confused and could not reply properly to the questions asked by them. Later on, he recollected as to from where he had received the high denomination notes and then forwarded the letter to the ITO explain ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e appellant has never maintained any bank of account except for a small bank account with a deposit of less than Rs. 100. This also proves that neither his sellers accept cheques nor does he himself get cheques for his sales made. The appellant has field before me a copy of the statement of affairs for the year under consideration to show that the total assets including the business investments di ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , I order the deletion of he addition made to the total income on account of unexplained investment." 3. The revenue is aggrieved and has come up in appeal before us. After hearing Shri A.K. Chakraborty, ld. senior departmental representative and Shri B.L. Mittal, ld. counsel of the assessee we see no reason to interfere with the order of the AAC. The assessee in this case had been dealing in hi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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