Section 69DCentral Act
Section 69D: [ Amount borrowed or repaid on hundi. [Inserted by Act 41 of 1975, Section 14 (w.e.f. 1.4.1976).]
[ Amount borrowed or repaid on hundi. [Inserted by Act 41 of 1975, Section 14 (w.e.f. 1.4.1976).]
- 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. ]SET OFF, OR CARRY FORWARD AND SET OFFPrevious
Sec 69C — [ Unexplained expenditure, etc. [Inserted by Act 41 of 1975, Section 14 (w.e.f. 1.4.1976).]
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Sec 70 — [ Set off of loss from one source against income from another source under the same head of income. [ Substituted by Act 20 of 2002, Section 27, for Section 70 (w.e.f. 1.4.2003).]
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