SEC 68 PROVISION APPLICABLE FOR UN SECURED LOANS LARGE AMOUNT

It assessee cash loan from different persons large amount detailes mentioned below as per books in f.y.22-23 cash mode received

1.Cash loan from different persons(un secured loans) rs:19000/- * 50 different persons total rs:9,50,000/- cash mode received

2.cash loans  from different persons(un secured loans) rs:18000/- * 25 different persons total rs:4,50,000/- cash mode received.

Question:

Dealer Un secured  cash loans from different persons large amount  received sec 68 provision applicable in it act.

Replies (1)

The provision would be applicable, only if all or any of the lenders are not able to confirm the loan amount with their income proof and PAN.

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