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Cash receipt transaction
As per IT Act, I think there wont be any probelm in receipt of cash more than 20K. Ceiling is for payment and not for receipt? Please correct if I am wrong
as per the IT act , Cash Receipt of Rs 8 Lac in case of yours ,But Be prepared to Justify the Source of Cash Receipt if ask by the Department.
What sort of docuemnts can be presented to department to justify the source if any query raised by departemnt in future?
party confirmation
well it depends solely Depend upon intention of AO or Income tax authority & department might take call to considered as income & Direct co to pay tax on it u/s 69 of the Income tax act as unexplained deemed income.
I agree with Rahul Shah.
once check your company bank account statement may be cash deposted into bank.
otherwise may be said amount shown only for cash adjustment. recheck again. bcoz its huge amount
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