Section 69D of ITA, 1961 : Section 69D: Amount Borrowed Or Repaid On Hundi
ITA, 1961
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Explanation using Example
Imagine a small business owner, Mr. Sharma, who borrows ₹50,000 from a local lender on a hundi, which is a traditional financial instrument. Instead of using a bank transaction, he receives the money in cash. Later, he repays the amount in cash as well, without any record in the banking system. According to Section 69D of the Income-ta...
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