https://www.taxtmi.com/caselaws?id=18383 The court ruled in favor of the assessee, holding that the amount repaid using account payee crossed demand drafts should not be treated as income under section 69D of the Income-tax Act, 1961. It agreed with the Commissioner of Income-tax (Appeals) and the Tribunal that account payee demand drafts are equivalent to account payee cheques, leading to the deletion of Rs. 41,175 from the assessment. The court emphasized the importance of transaction transparency and aligned its interpretation with legislative intent to prevent black money proliferation. en-us Wed, 24 Apr 1996 00:00:00 +0530 Wed, 30 Sep 2009 15:59:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18383 The court ruled in favor of the assessee, holding that the amount repaid using account payee crossed demand drafts should not be treated as income under section 69D of the Income-tax Act, 1961. It agreed with the Commissioner of Income-tax (Appeals) and the Tribunal that account payee demand drafts are equivalent to account payee cheques, leading to the deletion of Rs. 41,175 from the assessment. The court emphasized the importance of transaction transparency and aligned its interpretation with legislative intent to prevent black money proliferation. Case-Laws Income Tax Wed, 24 Apr 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18383