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of <h1>Finance Act 1984 Withdraws Agricultural Allowance, But Sugar Factories Can Still Deduct Cane Development Expenses u/s 37(1).</h1> The circular addresses the impact of the Finance Act, 1984, which withdrew the agricultural development allowance under section 35C of the Income-tax Act, 1961. Previously, companies or co-operative societies using agricultural products as raw materials could deduct expenses related to providing agricultural inputs and services. Despite this withdrawal, section 37(1) of the Income-tax Act allows sugar factories to deduct expenditures on cane development programs when computing taxable profits, provided the expenses are wholly and exclusively for business purposes and meet the conditions set by the Assessing Officer.
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