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cash receipts

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(Querist)
05 August 2010 can partnership firm receive cash payment more than 20000 in a day against bill for 2lac+.is it advisable to receive cash towards sale of scrpe .what are the precautions to keep.Plz guide.
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CA Sanat Pyne

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CA Sanat Pyne (Expert)
05 August 2010 in case of receipts there is no problem.
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VINOD ARORA

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VINOD ARORA (Expert)
05 August 2010 Agreed
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