Doubt for cash un secured loans huge amount

it person cash loans from different persons each person rs:19,000/- * 18 persons total amount rs:3,42,000/-
cash loans from different persons each person rs:18,000/- *16 persons total amount rs:2,88,000/-
total rs:6,30,000/-
question:
assessess un secured cash loans huge amount sec 68 and 69 provision applicable in it act
Replies (4)
Quick Summary
This discussion explores the tax implications of substantial unsecured cash loans, specifically questioning the applicability of Sections 68 and 69 of the IT Act. The user is seeking clarification on whether these provisions apply to cash loans received from multiple individuals, totalling a significant amount. The thread also touches upon the importance of ensuring loan approval according to established norms.

Applicable only if no explanation available
Already asked the same question on 23rd December 2023.
May be not get satisfactory reply or want to know something more.
First have to make sure ur loans will be approved or not as per norms.

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