https://www.taxtmi.com/caselaws?id=66453 The Appellate Tribunal ITAT Hyderabad-B ruled in favor of the assessee, holding that repayment of a hundi under section 69D of the Income-tax Act, 1961 can be made through a crossed demand draft, contrary to the Commissioner (Appeals) and the Income Tax Officer's position that only an account payee cheque suffices. The Tribunal emphasized the similarity between demand drafts and cheques, highlighting the legislative intent to prevent fraudulent hundis. Therefore, the Tribunal allowed the appeal, directing the deletion of the additional amount from the assessee's total income. en-us Tue, 26 Jun 1984 00:00:00 +0530 Thu, 24 Feb 2011 17:48:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66453 The Appellate Tribunal ITAT Hyderabad-B ruled in favor of the assessee, holding that repayment of a hundi under section 69D of the Income-tax Act, 1961 can be made through a crossed demand draft, contrary to the Commissioner (Appeals) and the Income Tax Officer's position that only an account payee cheque suffices. The Tribunal emphasized the similarity between demand drafts and cheques, highlighting the legislative intent to prevent fraudulent hundis. Therefore, the Tribunal allowed the appeal, directing the deletion of the additional amount from the assessee's total income. Case-Laws Income Tax Tue, 26 Jun 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66453