https://www.taxtmi.com/acts?id=46006 The provision permits an assessing officer to disallow as expenditure that portion of payments to specified related persons found to be excessive or unreasonable relative to fair market value, business needs, or benefit derived, with related persons and "substantial interest" defined by ownership and profit entitlement; it also disallows deductions for payments above a prescribed threshold made otherwise than by crossed bank cheque or crossed bank draft after a notified date, subject to transitional recomputation and prescribed exceptions based on banking facilities and business expediency. en-us Wed, 11 Dec 2024 17:16:15 +0530 Wed, 11 Dec 2024 17:16:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=46006 The provision permits an assessing officer to disallow as expenditure that portion of payments to specified related persons found to be excessive or unreasonable relative to fair market value, business needs, or benefit derived, with related persons and "substantial interest" defined by ownership and profit entitlement; it also disallows deductions for payments above a prescribed threshold made otherwise than by crossed bank cheque or crossed bank draft after a notified date, subject to transitional recomputation and prescribed exceptions based on banking facilities and business expediency. Act-Rules F. Acts / Amendment Acts Wed, 11 Dec 2024 17:16:15 +0530 https://www.taxtmi.com/acts?id=46006