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TMI BlogExpenses or payments not deductible in certain circmstances.X X X X Extracts X X X X X X X X Extracts X X X X ..... der the head "Profits and gains of business or profession". (2) If the assessee incurs any expenditure for which payment has been or is to be made to any "specified person", which in the opinion of the Assessing Officer is excessive or unreasonable having regard to the-- (a) fair market value of the goods, services or facilities; or (b) legitimate needs of the business or profession of the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... firm or association of persons or Hindu undivided family having substantial interest in the business or profession of the assessee, or any director, partner, member thereof or any relatives of such individual, director, partner, member or any other company in which the first mentioned company has substantial interest; (iii) shall mean a company, firm, association of persons, or Hindu undivided ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ner of shares (not being shares entitled to fixed rate of dividend with or without a right to participate in profits) carrying at least 20% of the voting power, in case of assessee being a company; and (ii) entitled to at least 20% of the profits of the business or profession in any other case, at any time during the tax year. (4) Where any expenditure is incurred by the assessee and payment or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... thousand rupees" in case the payment is made for plying, hiring or leasing of goods carriages. (7) The provisions of sub-sections (4) and (5) shall not be applicable in cases and circumstances, as prescribed, having regard to the nature and extent of banking facilities available, considerations of business expediency and other relevant factors. (8) Nothing (with reference to mode of payment) con ..... X X X X Extracts X X X X X X X X Extracts X X X X
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