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40a(3)
can the assessee make payment in cash excess of 20000 to Beverage corporation ltd towards license fee in liquor business
Replies (2)
I am not much aware how license fee for liquor business is treated in business.
Assuming it's an Asset, having an enduring benefit: No, 40A(3) shall not be applicable
Assuming it's a Revenue Expense, Debited in P&L: Yes, 40A(3) will be applicable.
from a.y. 2018-19, capital expenses are also covered under section 40A(3)
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