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CBDT notifies laws under which settlement would be disallowable expenditure
This Tax Alert explains Notification No. 38/2025 dated 23 April 2025 [1] (Notification) along with related FAQs issued by the Central Board of Direct Taxes (CBDT) , notifying certain laws in respect of which any expenditure incurred towards settlement of initiated proceedings for contraventions, would be disallowable for tax purposes. The laws as notified are: (i.) the Securities and Exchange Board of India (SEBI) Act, 1992. (ii.) the Securities Contracts (Regulation) Act (SCRA), 1956. (iii.) the Depositories Act, 1996. (iv.) the Competition Act, 2002.
The Notification has come into force from the date of its publication in the official gazette i.e., 23 April 2025.
[1] [F. No. 38/2025/F. No 370142/11/2025-TPL]