Pgbp
This query is : Resolved
22 February 2013
If a person who pays Rs.20lacs as a protection money in cash then can we treat it as an allowable expenditure in pgbp ? If not then y ?
Durgesh Joglekar
(Expert)
22 February 2013
Onus to prove it as business expenditure as a security. otherwise not allowable. in that case also cash payment is not acceptable.
CA PARAS BAFNA
(Expert)
22 February 2013
As per Section 40A(3) the amount will be disallowed as the payment has been made in cash.
.
If paid by cheque, the see...Whether the amount has been spent exclusively for the business purpose?
It have an essence of personal expenditure rather than business expenditure.
.
You may also read Shantibhushan's Case also, in which he has claimed the expenditure for his heart surgery and the court has rejected his claim.
.
.
If paid by cheque, the see...Whether the amount has been spent exclusively for the business purpose?
It have an essence of personal expenditure rather than business expenditure.
.
You may also read Shantibhushan's Case also, in which he has claimed the expenditure for his heart surgery and the court has rejected his claim.
.
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