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of <h1>SOP for Sugar Co-ops: Income Recalculation u/s 155(19) of Income-tax Act; Apply Before March 2027 Deadline.</h1> The circular outlines the Standard Operating Procedure (SOP) for co-operative societies engaged in sugar manufacturing to apply for recomputation of total income under sub-section (19) of section 155 of the Income-tax Act, 1961. This follows amendments allowing deductions for sugarcane purchases at government-approved prices. It addresses tax litigation from payments exceeding the Statutory Minimum Price (SMP) and applies to assessment years prior to 2016-17. Co-operative societies must submit applications with specific documentation to the Jurisdictional Assessing Officer, who will recompute income and issue orders within six months. The rectification period extends until March 31, 2027.
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