Prajjwal Kaushik
(Finance Professional)
(6216 Points)
Replied 14 December 2017
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.
RAMAKRISHNAN R
(INCOME TAX OFFICER)
(1736 Points)
Replied 15 December 2017
Live class on PF & ESI Enrollment & Returns Filing(with recording)