Expenses for settlement of SEBI, Competition, Depositories Act violations not allowable: The notification provides that expenses incurred to settle legal proceedings related to contraventions or defaults under certain laws will not be considered business or professional expenditures. Consequently, no deduction will be allowed for such expenses. The listed laws include the Securities and Exchange Board of India Act, 1992, the Securities Contracts (Regulation) Act, 1956, the Depositories Act, 1996, and the Competition Act, 2002. (Income Tax Notification 38/2025 Dated 23/04/2025)