one I.t. person 3 lacs part amount received cash from debtor Mr.x( debtor Mr. X balance as per books Rs.6 lacs -3 lacs amount cash received). question: above transaction u/s. 269 St applicable or not.
269ST is for single transaction in excess of 2 lakhs in cash. Receipt of cash in excess of 2 lakhs is a violation of 269ST. Better shift to bank Receipts.
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