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of <h1>Section 36 narrows deduction rules, disallows payments to specified persons beyond fair value and cash payments over limits</h1> The enacted Section 36 retains the Bill's core limits: an Assessing Officer may disallow payments to broadly defined 'specified persons' (relatives, directors, partners, entities with =20% beneficial interest) if excessive versus fair market value or business need, and disallows cash payments above Rs.10,000 per day (Rs.35,000 for goods carriages) unless made by prescribed banking/online modes; prior deductions recaptured as income if later paid in cash. Drafting was clarified in the As Passed text and, materially, a new subsection bars deductions for marked-to-market or other expected losses except as allowable under section 32(1)(h), narrowing allowable losses.
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