Clarification regarding Section 36(1)(xvii) of the Income-tax Act, 1961 inserted vide Finance Act, 2015

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..... i) of the Income-tax Act, 1961 inserted vide Finance Act, 2015 - reg. The Finance Act, 2015 inserted the following clause (xvii) in sub-section (1) of section 36 of the Income-tax Act, 1961 (the Act) to provide for deduction on account of the amount of expenditure incurred by a co-operative society engaged in the business of manufacture of sugar - (xvii) the amount of expenditure in .....

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..... ludes price fixation by State Governments through State-level Acts/Orders or other legal instruments that regulate the purchase price for sugarcane, including State Advised Price, which may be higher than the Statutory Minimum Price/ Fair and Remunerative Price fixed by the Central Government. [F.NO. 173/146/2021/ITA-I] (Sourabh Jain) Under Secretary to the Government of India - .....

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