is there any contravention of any provision of income tax 1961 if the company is receiving 1000000 In Cash?
Giridhar S Karandikar
(Team Lead)
(7543 Points)
Replied 08 June 2012
What is the nature of the receipt? you would have to proove the nature, or it will be treated as unexplained cash & the AO may levy tax on it.
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