Additional price payable to cultivators of sugarcane allowed as deduction in year in which additional liability arises.

Additional price payable to cultivators of sugarcane allowed as deduction in year in which additional liability arises. https://www.taxtmi.com/circulars?id=9234 Additional price payable to sugarcane cultivators is deductible in the year the additional liability arises for market purchases, while for self grown sugarcane the market value is deductible in the year it is utilised as raw material; revisions of price are referable to the year of utilisation. Procedural remedies include filing a revised return, presenting claims in appeal, applying for administrative revision after completion of assessment, and invoking hardship relief where appropriate. en-us Wed, 13 Dec 1978 00:00:00 +0530 Fri, 03 Jun 2011 13:21:00 +0530 TaxTMI RSS Generator Additional price payable to cultivators of sugarcane allowed as deduction in year in which additional liability arises. https://www.taxtmi.com/circulars?id=9234 Additional price payable to sugarcane cultivators is deductible in the year the additional liability arises for market purchases, while for self grown sugarcane the market value is deductible in the year it is utilised as raw material; revisions of price are referable to the year of utilisation. Procedural remedies include filing a revised return, presenting claims in appeal, applying for administrative revision after completion of assessment, and invoking hardship relief where appropriate. Circulars Income Tax Wed, 13 Dec 1978 00:00:00 +0530 https://www.taxtmi.com/circulars?id=9234