1997 (10) TMI 26 - HC - Income Tax

Summary

The High Court of Madras ruled in favor of the assessee, holding that the borrowings were on promissory notes and not hundis, therefore deleting the addition made under section 69D of the Income-tax Act for the assessment year 1981-82. The court cited a previous decision to support its judgment. The question referred to the court was answered in the affirmative and against the Revenue. No costs were awarded.