Section 21

A deduction shall not be allowed for the purposes of ascertaining the
not allowed
profits or income from any trade, business, profession or vocation in respect
of –
(a) capital repaid or withdrawn from a trade, business, profession or
vocation;
(b) any expenditure of a capital nature;
(c) domestic or private expense, or expenditure on assets not used for
the purpose of trade, business, profession or vocation;
(d) any sum recoverable under an insurance or contract of indemnity;
(e) taxes on profit or incomes levied in Nigeria or elsewhere;
Act No. 4, (f) any payment to a savings, widows and orphans, pension, provident or