Amendment to Section 37: Disallowance of Settlement Amounts for Legal Contraventions from April 2025

Last updated: 26 July 2024

Disallowance of settlement amounts being paid to settle contraventions Section 37 of the Act provides for allowability of expenditure laid out or expended wholly and exclusively for the purpose of business or profession. 2. Explanation 1 of sub-section (1) of section 37 provides that any expenditu

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