01 September 2012
income received in cash or kind or cheque or in any other form is taxable in the hands of the assessee.certain assessee are given basic exemption not to pay tax.
in your case i assume that it is a capital not revenue amount under section 269 ss of incometax act if an amount of loan or deposit is received more than Rs.20000/- other wise than by way of account payee cheque/draft penal provision of the act.
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