1994 (10) TMI 8 - HC - Income Tax

Summary

The High Court of Madras ruled that the Income-tax Appellate Tribunal was correct in deleting hundi loans of Rs. 1,15,000 and interest of Rs. 15,000 disallowed by the Income-tax Officer under section 69D of the Income-tax Act, 1961. The court held that section 69D did not apply to the loans in question, following previous decisions on similar cases. The Department's appeal was dismissed, and the Tribunal's decision was upheld.