https://www.taxtmi.com/caselaws?id=16183 The court ruled in favor of the assessee on all three issues. It held that the transactions were not hundis, as they lacked essential characteristics. The court also found that section 69D could not be applied without specific characteristics of a hundi transaction. Additionally, the court upheld the deduction for research equipment, emphasizing the continuous nature of research and development in the company's electronic business, allowing the expenditure even if not wholly and exclusively for research and development as per section 35 provisions. en-us Mon, 17 Aug 1998 00:00:00 +0530 Tue, 01 Sep 2009 16:24:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16183 The court ruled in favor of the assessee on all three issues. It held that the transactions were not hundis, as they lacked essential characteristics. The court also found that section 69D could not be applied without specific characteristics of a hundi transaction. Additionally, the court upheld the deduction for research equipment, emphasizing the continuous nature of research and development in the company's electronic business, allowing the expenditure even if not wholly and exclusively for research and development as per section 35 provisions. Case-Laws Income Tax Mon, 17 Aug 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16183