it assessee rs:10 lacs balance amount deposit for rent advance show in books.
assessess rs:10,000/- per day amount repayment total rs:10 lacs cash mode allowed in it act.
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Cash mode allowed in it act
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Summary: Splitting a ₹10 lakh payment into daily cash installments of ₹10,000 does not bypass the law; it violates Section 269ST of the Income Tax Act, which restricts cash receipts to below ₹2 lakh for single transactions or related events. Such a violation attracts a penalty equal to 100% of the amount received.
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