No deduction for settlement expenditure: payments resolving regulatory contraventions are not allowable as business deductions. The Central Government notifies that any expenditure incurred to settle proceedings in relation to contraventions or defaults shall not be deemed to have been incurred for the purpose of business or profession and no deduction or allowance shall be made in respect of such expenditure, with that disallowance applying to settlements connected with securities market regulation, securities contracts regulation, depository legislation and competition law; the notification is effective on publication in the Official Gazette.