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Cash loan payment cash mode repayment cash loan bank mode penality provision applicable

This query is : Resolved 
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(Querist)
05 January 2025 sir,
It person cash loan to relatives amount rs:10 lacs through on cash mode after another date cash loan amount rs:10 lacs received from relatives through on bank mode.
Question:
Above transactions penality provision applicable in it act.
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
05 January 2025 Yes, as per sec. 269ST no person can accept Rs. 2 lakhs or more on any occasion/event/day.
The receiver of the cash payment exceeding Rs. 2 lakhs or more, liable to pay a penalty equal to the amount received.
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