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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Deductibility of development expenditure: sugar factories' cane-programme costs may be deductible if wholly and exclusively for business. The circular states that the agricultural development allowance was withdrawn for expenditure incurred on or after March 1, 1984. However, expenditure by ... Summary
Deductibility of development expenditure: sugar factories' cane-programme costs may be deductible if wholly and exclusively for business.
The circular states that the agricultural development allowance was withdrawn for expenditure incurred on or after March 1, 1984. However, expenditure by sugar factories on cane development programmes can still be deductible under the general business-expenditure rule if, having regard to facts and circumstances, the expenditure is not capital or personal and is laid out wholly and exclusively for business, subject to assessing officer satisfaction.
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