https://www.taxtmi.com/caselaws?id=15949 Borrowings evidenced by instruments containing an unconditional promise to repay with interest were treated as promissory notes and not hundis, so section 69D of the Income-tax Act, 1961 did not apply. Both appellate authorities found that the instruments lacked the essential characteristics of a hundi, and the genuineness of the loans was not material to the reference. On that basis, the addition made under section 69D was rightly deleted and the question referred was answered against the Revenue. en-us Wed, 22 Oct 1997 00:00:00 +0530 Mon, 31 Aug 2009 11:23:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15949 Borrowings evidenced by instruments containing an unconditional promise to repay with interest were treated as promissory notes and not hundis, so section 69D of the Income-tax Act, 1961 did not apply. Both appellate authorities found that the instruments lacked the essential characteristics of a hundi, and the genuineness of the loans was not material to the reference. On that basis, the addition made under section 69D was rightly deleted and the question referred was answered against the Revenue. Case-Laws Income Tax Wed, 22 Oct 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15949