General conditions for allowable deductions.

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..... and exclusively for the purposes of the business or profession shall be allowed in computing the income chargeable under the head "Profits and gains of business or profession". (2) For the purposes of sub-section (1), an expenditure laid out or expended wholly and exclusively for business or profession by the assessee shall not include any of the following:-- (a) an expenditure incurred for an .....

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..... the conduct of that person; or (c) compounding an offence under any law in force in or outside India; or (d) settling proceedings initiated in relation to contravention under any law notified by the Central Government in this behalf. - Clause 34 of the Bill provides for general conditions for allowing expenditure (other than capital and personal expenditure) incurred wholly and exclusively .....

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