Cess/Surcharge is not allowed as business expenditure u/s 37 of the IT Act, 1961

JCIT Vs  M/s. Chambal Fertilizers & Chemicals Limited (Supreme Court ) The Hon’ble Supreme Court (“the Supreme Court”) in the case of Joint Commissioner of Income Tax v. M/s. Chambal Fertilizers & Chemicals Limited [SLP(C) No. 7379 of 2019] dated December 14, 2022, held that the term “tax” under Section 40(a)(ii) of the Income Tax Act, 1961 (“the IT Act”) should also include cess. Facts: M/s. Chambal Fertilizers & Chemicals Limited (“the Respondent”) filed an appeal before the Hon’ble Rajasthan High Court (“the High Court”) against the Order passed by the I...