Loans credit vs debit book adjustment allowed in it act

kollipara sundaraiah ( (2957 Points)

21 September 2023  
it assessess cash loan for debtors and creditors outstanding ledger balance as on dt:31-03-23 as per account records
cash loan from creditor rs:10 lacs
cash loan to debtor rs:15 lacs

assessess f.y.23-24 creditor ledger balance transfer to debtor ledger adjustment entry passed in books .
above mentioned adjustment entry transaction allowed in it act