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of <h1>Law deems borrowings or repayments via negotiable instruments or hundis (including interest) as income, bars reassessment</h1> The provision deems amounts borrowed or repaid by negotiable instruments or hundis (other than by account-payee cheque, or by modes the Board specifies) to be the borrower's or repayer's income in the year of the transaction, expressly including interest; a second subsection prevents re-assessment of the same amount on repayment. The enacted Act and the original Bill differ only in minor drafting and repetition regarding inclusion of interest and an explanatory sentence in the Bill; there is no substantive change in tax effect. The Board's power to specify additional modes may broaden administrative reach, increasing compliance and timing-of-income risks.
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