1985 (3) TMI 81

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..... Denomination Ordinance, 1978 on 16th Jan., 1978. The assessee's explanation was that: It was agent for one Housing Cooperative Society (hereinafter referred to as 'Society') and inter alia it booked members for that society 'Paras' and collected money from them. The assessee had collected moneys for payment to 'Paras' partly in the H. D. Notes and partly in small denomination notes. The total .....

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..... maller denomination notes. 2. The CIT(A) has agreed with the order of the ITO which is in accordance with the IAC's approval. That is why the assessee is in appeal. 3. At the time of hearing before us the assessee's counsel made one single point which in our view is the winning point and that is that the H. D. Notes when they were exchanged, were legal tender and no one is bound to identify .....

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