Allowability of expenditure incurred by sugar factories in case of development programmes--Effect of withdrawal of agricultural development allowance under section 35C of the Income-tax Act, 1961, by the Finance Act, 1984

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..... of agricultural development allowance under section 35C of the Income-tax Act, 1961, by the Finance Act, 1984 Circular No. 578 Dated 12/9/1990 Under the provisions of section 35C of the Income-tax Act, 1961, a company or a co-operative society, which uses any product of agriculture, animal husbandry or dairy or poultry farming as raw material or processes such products, was eligible fo .....

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..... ment programmes would be eligible for deduction in computing the taxable profits if, having regard to the facts and circumstances of the case, the Assessing Officer is satisfied that the conditions laid down in section 37(1) of the Act are fulfilled. The withdrawal of the tax concession under section 35C would not affect this position. (Sd.) Archana Ranjan, Secretary, Central Board of Direct .....

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