Amount borrowed or repaid on hundi.69D.
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.