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 ?
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. .
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