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of Proposed amendment to Explanation 3 of Section 37(1) to disallow deduction for expenditure incurred by an assessee to settle proceedings initiated in relation to a contravention under any law, as notified by the Central Government. The amendment aims to widen the tax base and promote anti-avoidance by disallowing settlement amounts paid for contraventions as business expenses. Effective from April 1, 2025, applicable from assessment year 2025-2026 onwards.
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