Deduction for sugarcane purchase price clarified to include state-fixed prices, affecting cooperative mills' tax treatment. The Board clarifies that the phrase price fixed or approved by the Government for purposes of the deduction for expenditure on purchase of sugarcane includes price fixation by State Governments through State-level Acts, orders or other legal instruments, including State Advised Price which may be higher than central statutory minimums, and that the deduction applies where purchase price is equal to or less than such government-fixed or approved price.
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Provisions expressly mentioned in the judgment/order text.
Deduction for sugarcane purchase price clarified to include state-fixed prices, affecting cooperative mills' tax treatment.
The Board clarifies that the phrase price fixed or approved by the Government for purposes of the deduction for expenditure on purchase of sugarcane includes price fixation by State Governments through State-level Acts, orders or other legal instruments, including State Advised Price which may be higher than central statutory minimums, and that the deduction applies where purchase price is equal to or less than such government-fixed or approved price.
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