alleryStart learning →Section 37 allows expenditure laid out in what manner?
ANecessarily for the owner's benefit
BMainly and reasonably for business
CWholly and exclusively for business
DPartly for business, partly personal
Answer & Solution
Correct answer: C. Wholly and exclusively for business
Section 37(1) allows residual expenditure laid out or expended wholly and exclusively for the purposes of the business or profession.
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