Cash loans different persons huge amount sec 68 and sec 69 provision applicable

Income Tax Income Tax Notices
1

It assessess cash Loans from different persons details mentioned below
Each person rs:19,000/- * 40 persons
Each person rs:18,000/- 30 persons amount received after cash deposit bank sb account rs:13 lacs for son Visa purpose.
Question:
Cash loans from different persons sec 68, 69 provision applicable in it act
2.cash loans interest calculation compulsory.

2

Hello @Sundaraiah_Kollipara,

Section 68 talks about unexplained cash deposits and Section 69 about unexplained investments and the penalties on the same. Since you have accepted cash loans, section 68 gets attracted in your case.

However, it is upon you to calculate interest on cash loans.

Hope this helps!