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Section 37(1) - General clause of Deductions

Income Tax - Profit and Gains of Business or Profession - 47 - SEC - 37(1): GENERAL CLAUSE FOR DEDUCTIONS Any expenditure other than specifically allowed in Section 30 to 36, shall be allowed as deduction provided the following conditions are satisfied: i.it is not in the nature of capital expenditure ii.it is not in the nature of personal expenses of the assessee and iii.it is laid out wholly and exclusively for the purposes of the business or profession of the assessee iv. the expenditure shou .....

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