69D. Amount borrowed
or repaid on hundi.- Where any amount is borrowed
on a hundi from, or any amount due thereon is repaid to, any
person otherwise than through an account payee cheque drawn
on a bank, the amount so borrowed or repaid shall be deemed
to be the income of the person borrowing or repaying the amount
aforesaid for the previous year in which the amount was borrowed
or repaid, as the case may be :
Provided that, if in any case any amount borrowed on a hundi
has been deemed under the provisions of this section to be
the income of any person, such person shall not be liable
to be assessed again in respect of such amount under the provisions
of this section on repayment of such amount.
Explanation.—For the purposes of this section, the
amount repaid shall include the amount of interest paid on
the amount borrowed.
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