it assessess cash loans rs:19,000/- from different 40 persons (un secured loans) amount received. question: sec 68 and sec 115 bbe both provisions applicable in it act
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Quick Summary
This discussion examines whether both Section 68 and Section 115BBE of the Income Tax Act apply to cash loans. Specifically, it questions the tax treatment of receiving £19,000 from 40 different individuals, totalling £760,000. The core issue is understanding the combined impact of these two sections on such transactions.