Case Law Details
Nirpan Securities Pvt. Ltd. Vs ACIT (ITAT Mumbai)
We find that the issue in dispute herein is squarely covered by the decision of the Hon’ble Jurisdictional High Court in the case of Sesa Goa Ltd., vs. JCIT reported in 117 Taxmann.com 96 wherein the Hon’ble High Court had categorically held that education cess paid on Income Tax and surcharge would be eligible for deduction u/s.37(1) of the Act. Respectfully following the said decision, we direct the ld. AO to grant deduction of Rs.12,43,456/- while framing the assessment pursuant to this Tribunal order. Accordingly, the additional ground raised by the assessee is allowed.
FULL TEXT OF THE ITAT JUDGEMENT
This appeal in ITA No.3941/Mum/2019 for A.Y.2014-15 arises out of the order by the ld. Commissioner of Income Tax (Appeals)-9, Mumbai in appeal No.CIT(A)-9/Cir-4/142/2016-17 dated 02/04/2019 (ld. CIT(A) in short) against the order of assessment passed u/s.143(3) of the Income Tax Act, 1961 (hereinafter referred to as Act) dated 26/12/2016 by the Asst. Commissioner of Income Tax-4(2)(1), Mumbai (hereinafter referred to as ld. AO).
2. The only issue to be decided in the original ground of appeal raised by the assessee is with regard to disallowance made u/s.14A of the Act.
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