Expenditure by Co-operative Society for purchase of sugarcane at a specified price - (New) Section 32(g) / (Old) Section 36(1)(xvii)

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....s a specific deduction for co-operative societies engaged in sugar manufacturing in respect of the price paid for sugarcane. Eligible Assessee • Must be a co-operative society • Must be engaged in the business of manufacturing sugar Nature of Expense • Must be purchase cost of sugarcane (raw material) • This is normally a revenue expenditur....

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....(19) of Income Tax Act  • Where any deduction in respect of any expenditure incurred for the purchase of sugarcane has been claimed by an assessee, being a co-operative society engaged in the business of manufacture of sugar, and • such deduction has been disallowed wholly or partly in any previous year commencing on or before the 1st day of April, 2014, the Assessin....