Section 36(1)(xvii) - Expenditure by Co-operative Society for purchase of sugarcane at a specified price - Income Tax - Ready Reckoner - Income Tax

Section 36(1)(xvii) : Expenditure by Co-operative Society for purchase of sugarcane at a specified price Under this clause, deduction is allowed in respect of expenditure by a Co-Operative Society (engaged in the business of manufacture of sugar) for purchase of Sugarcane at a price which is equal to (or less than) the price fixed or approved by the Government. Read with section 155(19) of Income Tax Act Where any deduction in respect of any expenditure incurred for the purchase of sugarcane has been claimed by an assessee, being a co-operative society engaged in the business of manufacture of sugar , and such deduction has been disallowed wholly or partly in any previous year commencing on or before the 1st day of April, 2014 , the Assessing Officer shall, on the basis of an application made by such assessee in this regard, recompute the total income of the assessee for such previous year after allowing deduction to the extent such expenditure is incurred at a price which is equal to or less than the price fixed or approved by the Government for that previous year, and the provisions of section 154 shall, so far as may be, apply thereto, and the period of four years specified in section 155(7) of that section shall be reckoned from the end of previous year commencing on the 1st day of April, 2022 . Standard Operating Procedure (SOP) for making application for recomputation of total income of a co-operative society engaged in the business of manufacture of sugar, as provided for in the section 155(19) of the Income-tax Act, 1961 . [ Circular No. 14 of 2023 Dated 27th July 2023 ]