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of <h1>Clarification on Section 36(1)(xvii): Deductions for Cooperative Sugar Mills on Sugarcane Purchase Prices Above Central Minimum.</h1> The circular clarifies Section 36(1)(xvii) of the Income-tax Act, 1961, introduced by the Finance Act, 2015, which allows deductions for co-operative societies engaged in sugar manufacturing for expenditures on sugarcane purchases at government-approved prices. Effective from April 1, 2016, it applies to the 2016-17 assessment year onward. The Central Board of Direct Taxes clarifies that 'price fixed or approved by the Government' includes prices set by State Governments through legal instruments, which may exceed the Central Government's Statutory Minimum Price or Fair and Remunerative Price. This addresses tax implications for additional payments by cooperative sugar mills to farmer members.
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