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Loan given from friends

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01 September 2020 Assess individual I.t. person .loan from friends each one 1 lac *20 members total 20 lacs through on cash mode received.each one pan number and address proof collected.loan used for personal purposes.
Question:
Assess loan from friends accepted in I .t.act
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CA KARAN SINGH

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CA KARAN SINGH (Expert)
02 September 2020 It will be violation of Section 269SS of Income Tax Act. Hence not allowed.
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