Expenses or payments not deductible in certain circmstances.

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.... to computation of income under 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 n....

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....ily. Member of the family or his relative. (ii) shall mean any person being an individual or company or 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 mentione....

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....son; (b) a person is deemed to have "substantial interest in the business or profession" if, at any time during the tax year, such person is- (i) the beneficial owner 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 ....

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....ofits and gains of business or profession" in such subsequent tax year. (6) For the purposes of sub-sections (4) and (5), the figure "ten thousand rupees" shall be read as "thirty-five 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, ....