https://www.taxtmi.com/caselaws?id=772918 ITAT Mumbai held that documents alleged to be Hundi transactions were not actual Hundis as they represented bilateral transactions and were not on Hundi paper. The tribunal ruled that without these essential ingredients, the documents could not be classified as Hundis, making the presumption under Section 69D unavailable to revenue authorities. Following Delhi HC precedent in CIT v. Ram Niwas, the disallowance under Section 69D was deemed unsustainable. Assessee's appeal was allowed. en-us Thu, 06 Mar 2025 00:00:00 +0530 Sat, 14 Jun 2025 11:41:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=772918 ITAT Mumbai held that documents alleged to be Hundi transactions were not actual Hundis as they represented bilateral transactions and were not on Hundi paper. The tribunal ruled that without these essential ingredients, the documents could not be classified as Hundis, making the presumption under Section 69D unavailable to revenue authorities. Following Delhi HC precedent in CIT v. Ram Niwas, the disallowance under Section 69D was deemed unsustainable. Assessee's appeal was allowed. Case-Laws Income Tax Thu, 06 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=772918