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Un secured loans Large amounts sec 68 provision applicable

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online

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online (Querist)
04 October 2022 Sir,
It assessess un secured loans money received cash mode details mentioned below as per books in f.y.21-22
Un secured loans cash loans rs:19,000 *50 persons total rs:9,50,000/-

Un secured loans cash loans rs:18,000 * persons 20 total rs:3,60,000/-
Question:
Un secured loans large amount sec 68 provision applicable in it act.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
04 October 2022 Yes, sec 68 provisions applicable in such a case as such transactions are tax evasions
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