Hundi payments treated as income when borrowed or repaid unless made by account payee cheque, changing tax treatment. Section 69D treats any amount borrowed on or repaid by a hundi, and interest on such amounts, as the income of the taxpayer for the previous year if the transaction occurs otherwise than by an account payee cheque; the rule is confined to hundis and excludes other loan types, and it applies to payments made on or after the commencement date irrespective of when the hundi was executed.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Hundi payments treated as income when borrowed or repaid unless made by account payee cheque, changing tax treatment.
Section 69D treats any amount borrowed on or repaid by a hundi, and interest on such amounts, as the income of the taxpayer for the previous year if the transaction occurs otherwise than by an account payee cheque; the rule is confined to hundis and excludes other loan types, and it applies to payments made on or after the commencement date irrespective of when the hundi was executed.
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