Education cess, not an allowable deduction: ITAT Kolkata

Kanoria Chemicals & Industries Ltd. Vs ACIT (ITAT Kolkata) It is pertinent to mention here that ‘education cess’ was brought in for the first time by the Finance Act, 2004, wherein it was mentioned as under:- “An additional surcharge, to be called the Education Cess to finance the Government’s commitment to universalise quality basic education, is proposed to be levied at the rate of two per cent on the amount of tax deducted or advance tax paid, inclusive of surcharge.” The provisions of the Finance Act 2011 relevant to the Assessment Year under consideration i.e. 2012-13 are al...