Relief to sugar co-operatives from past demand

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..... rice (FCP) which is over and above the Statutory Minimum Price (SMP) fixed by the Central Government under the Sugarcane Control Order, 1996. FCP is decided on the basis of the particular factory s working results which take into account all the revenues and expenditure incurred by the factory. 2. The payment of FCP by the co-operative sugar factories over and above the SMP for purchase of suga .....

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..... owed as deduction for computing business income of the sugar co-operative factories. The said amendment came into force through the Finance Act 2015 on 01.04.2016 and was applicable from Assessment Year 2016-17 onwards. Pending demands and litigation still persisted in respect of AYs prior to 2016-17. 4. Therefore, to conclude the matter logically and to extend the benefit of the above- mention .....

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..... ereto, and the period of four years specified in sub-section (7) of section 154 shall be reckoned from the end of previous year commencing on the 1st day of April, 2022. 5. This amendment will take effect from the 1st day of April, 2023. [Clause 74] Full Text : Union Budget 2023-24 + FINANCE Bill, 2023 - FAQ - Frequently Asked Questions, TMI Short Notes , Experts comment .....

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