Education Cess not allowable expenditure u/s 37(1)

Peerless Hotels Limited Vs ACIT (ITAT Kolkata) ITAT Kolkata held that education cess is not allowable expenditure under section 37(1) of the Income Tax Act. Facts- The assessee has filed its return of income on 27.10.2017, which was revised on 16.07.20 18 disclosing total income of Rs.1,99,51,420/-. The case of the assessee was selected for scrutiny assessment and a notice u/s. 143(2) was issued and served upon the assessee. On scrutiny, AO found that the assessee has made investments, which are reflected in the Balance-sheet. The total investments as on 3 1.03.2017 worked out by AO are of Rs....