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of <h1>Co-operative Societies Can Recompute Income for Sugarcane Purchase Deductions Under Section 36(1)(xvii) and 155(19) Guidelines</h1> Section 36(1)(xvii) of the Income Tax Act allows co-operative societies engaged in sugar manufacturing to deduct expenses for purchasing sugarcane at or below government-approved prices. If such deductions were disallowed for any fiscal year before April 1, 2014, the society can apply for a recomputation of total income. The application must be made under the guidelines of section 155(19), and the process is detailed in Circular No. 14 of 2023. The recomputation considers the price fixed by the government, and the four-year period for adjustment starts from April 1, 2022.
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