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Pgbp

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(Querist)
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 ?
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Durgesh Joglekar

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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.
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CA PARAS BAFNA

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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.
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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.
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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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VIPULJAIN

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VIPULJAIN (Querist)
23 February 2013 Thank you paras uncle and mr.durgesh
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