Gross receipt u/s 44ada includes loan credited in bank a/c

Hi all

The limit u/s 44ADA states T.O. or Gross Receipt should not exceed 50lakhs

My Query is

1) What does Gross Receipt Mean ?

Does it Mean all the credits in bank A/c including Loan taken

Eg. T.O. ie sale is 40lakh (<50lakh)

and 

Loan taken in C.Y. is 25 lakh

thus total Credits in Bank A/c is 65 lakh (>50lakh)

 Is the Assesse eligible for the benefit of 44ADA ?

Thanks in Advance