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Report No. 12

37. General.-

Any expenditure (not being expenditure of the nature described in sections 30 to 36 [all other sections re : deductions] and not being in the nature of capital expenditure or personal expenses of the assessee), laid out or extended wholly and exclusively for the purpose of the business, profession or vocation shall be allowed in computing income chargeable under the head "Profits and gains of business, profession or vocation".

[Section 10(2)(xv)]

Income-Tax Act, 1922 Back

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