Amount borrowed or repaid on hundi [ Section 69D Read with Section 115BBE ]

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..... mount 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 ag .....

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..... e or set off of any loss shall be allowed to the assessee in computing his income under the specified sections. Surcharge - In respect of any income chargeable to tax under section 115BBE(1)(i) of the Income-tax Act, the amount of income-tax computed under this sub-section shall be increased by a surcharge, calculated at the rate of 25% of such income-tax. Penalty u/s 271AAC- * Where income of .....

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