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of <h1>Borrowing or repayment on a hundi by non-account-payee cheque treated as borrower's income for that previous year</h1> Any amount borrowed on a hundi from, or repaid on a hundi to, a person otherwise than by an account-payee cheque drawn on a bank is deemed the income of the borrower or the repayer for the previous year in which the borrowing or repayment occurs. If an amount borrowed on a hundi has already been treated as income under this rule, the same amount shall not be assessed again on its repayment. Amount repaid includes interest paid on the borrowed amount.
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