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Sec 68 of inome tax (loan from relatives)

This query is : Resolved 
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(Querist)
12 April 2013 i want to know the provisions of this section and also some case laws related to this section.
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C A S.S.Agarwal, M.Com.,LL.B,

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C A S.S.Agarwal, M.Com.,LL.B, (Expert)
10 July 2013 You cannot take any loan without account payee cheque or draft etc. and if you have taken the loan even by cheque then you have to prove that the loan is genuine for that you have to submit the bank statement, confirmation, balance sheet and explanation as to capacity to pay such loan of the person giving you the loan
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