The Central Board of Direct Taxes (CBDT) has clarified that the phrase ‘price fixed or approved by the Government’ in section 36(1)(xvii) includes price fixation by State Government through State-level Acts/Orders or other legal instruments that regulate the purchase price for sugarcane. It also includes State Advised Price, which may be higher than the Statutory Minimum price/Fair and remuneration price fixed by Central Government.The Central Board of Direct Taxes (CBDT) has clarified that the phrase ‘price fixed or approved by the Government’ in section 36(1)(xvii) includes price fixation by State Government through State-level Acts/Orders or other legal instruments that regulate the purchase price for sugarcane. It also includes State Advised Price, which may be higher than the Statutory Minimum price/Fair and remuneration price fixed by Central Government.taxmann.com Latest Statutory HappeningsRead More
