TMI BlogSection 40A(2) - Payment to specified persons not deductible under certain circumstancesX X X X Extracts X X X X X X X X Extracts X X X X ..... he assessee incurs any expenditure, in respect of which payment has been made or is to be made to relatives or close associates of the assessee, and the AO is of the opinion that such expenditure is excessive or unreasonable having regard to the FMV of the goods, services or facilities for which payment is made or the legitimate needs of business or profession or the benefit derived or accruing to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ily, or any relative of such director, partner or member; ( iii ) any individual who has a substantial interest in the business or profession of the assessee, or any relative of such individual; ( iv ) a company, firm, association of persons or Hindu undivided family having a substantial interest in the business or profession of the assessee or any director, partner or member of such company, firm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... association of persons or Hindu undivided family, or any director of such company, partner of such firm or member of the association or family, or any relative of such director, partner or member, has a substantial interest in the business or profession of that person. Persons having SUBSTANTIAL INTEREST: A person is deemed to have substantial interest in the business or profession if such person ..... X X X X Extracts X X X X X X X X Extracts X X X X
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