Receipt of Rs. 2.00 lakh in cash by business entity

Hi.
I had a discussion with a finance expert regarding limit of receipt of cash by business firm. His arguement is that a business firm cannot receive 2.00 lakh or more in an year from a single customer as per GST Act 2017 and IT Act. But I have come to know from many sources that a business entity can receive upto Rs 1,99,999/- cash in a day from a single person per transaction. Please clarify is there a y rule as per GST Act or IT Act which says that from each customer, firm cannot receive more than Rs 2.00 lakhs in a year.

Will be thankful if someone clarifies.