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of <h1>CBDT Clarifies Section 69D: Darshani Hundis Generally Exempt From Borrowing Rules, Assess Individually for Compliance.</h1> The circular from the Central Board of Direct Taxes clarifies the applicability of Section 69D of the Income-tax Act, 1961, concerning Darshani hundi transactions. It explains that Darshani hundis, used for remittances or trade financing, typically do not involve borrowing and thus fall outside the purview of Section 69D. The circular outlines specific scenarios where Darshani hundis are not considered borrowings, such as transactions involving running accounts or credit facilities. However, it notes that other Darshani hundi transactions must be assessed individually to determine if they involve borrowing. Officers are instructed to disseminate this information for compliance.
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