https://www.taxtmi.com/caselaws?id=15904 The High Court held that the documents in question did not qualify as hundis under the Income Tax Act, 1961. As a result, the deemed income under section 69D was deleted. The court emphasized the content of the instruments over the language used, highlighting the genuine nature of the transactions and proper accounting by the parties. The court ruled in favor of the assessee, concluding that the instruments did not meet the essential characteristics of a hundi, leading to the non-application of section 69D and no requirement to issue account payee cheques. en-us Thu, 20 Jan 1994 00:00:00 +0530 Sat, 29 Aug 2009 17:15:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15904 The High Court held that the documents in question did not qualify as hundis under the Income Tax Act, 1961. As a result, the deemed income under section 69D was deleted. The court emphasized the content of the instruments over the language used, highlighting the genuine nature of the transactions and proper accounting by the parties. The court ruled in favor of the assessee, concluding that the instruments did not meet the essential characteristics of a hundi, leading to the non-application of section 69D and no requirement to issue account payee cheques. Case-Laws Income Tax Thu, 20 Jan 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15904