https://www.taxtmi.com/caselaws?id=470127 Mandatory contributions to a Core Settlement Guarantee Fund are described as deductible business expenditure where required by the securities-market regulator, permanently beyond the taxpayer's control, and restricted to meeting clearing-member settlement defaults. The notes distinguish such expenditure from an appropriation of profits. A claim to reduce a self-disallowance relating to exempt income requires examination of the revised computation on merits; absence of recorded dissatisfaction with the original accepted computation does not itself support deletion. The revised disallowance claim therefore requires fresh adjudication. en-us Thu, 13 Mar 2025 00:00:00 +0530 Thu, 16 Jul 2026 19:02:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=470127 Mandatory contributions to a Core Settlement Guarantee Fund are described as deductible business expenditure where required by the securities-market regulator, permanently beyond the taxpayer's control, and restricted to meeting clearing-member settlement defaults. The notes distinguish such expenditure from an appropriation of profits. A claim to reduce a self-disallowance relating to exempt income requires examination of the revised computation on merits; absence of recorded dissatisfaction with the original accepted computation does not itself support deletion. The revised disallowance claim therefore requires fresh adjudication. Case-Laws Income Tax Thu, 13 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470127