Education Cess & Higher Secondary Education Cess allowable as a Business Expenses

Sesa Goa Limited Vs JCIT (Bombay High Court) The issue under consideration is whether the Education Cess and Higher and Secondary Education Cess is allowable as a business expenses? In the present case, Revenue contends that ‘cess‘ is also included in the scope and import of the expression “ any rate or tax levied” as it appears in Section 40(a)(ii) of the IT Act and consequently, the amounts paid towards the ‘cess‘ are not liable for deduction in computing the income chargeable under the head ‘profits and gains of business or profession’. High Court sta...