Promissory Notes Not Hundi: Section 69D Inapplicable Due to Bilateral Nature and Waiver of Notice of Dishonor.

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....Addition u/s 69D - Hundies - The documents were in English and the transactions were not between three parties. They were bilateral. The transactions were on the lines of a promissory note. The documents had waived the notice of dishonor and no grace period was granted. This was also indicative of the transaction not being a hundi transaction. Section 69D was not applicable. - AT....