Section 40A(3) Exemption: Cash Payments to Royal Calcutta Turf Club for Genuine Business Needs in Horse Racing.

Cash payments made to Royal Calcutta Turf Club u/s. 40A(3) - payment of operational expenses in relation to Horse Race - disallowance provision does not apply in case of overwhelming genuine payments coupled with business exigencies which may go beyond the prescribed rule 6DD - AT .....

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