cash transactions

registered in the sense???we can receive upto 2 lakhs in cash from any person to avoid penalty under sec269ST of income tax.If you are receiving cash in sale of goods aggregating 2 lakhs in cash you have to report that transaction in form 61A as per Rule 114E and sec 285BA of income tax act .Don't receive cash aggregating 2 lakhs from any single person or with respect to a single event or any single occassion .Penalty will be equal to amount rec'd if u receive 2 lakhs or more