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We are pleased to share with you the copy of our latest edition of “TaxBuzz…”, wherein we have analysed the recent ruling of the Bombay High Court (Goa Bench) in the case of Sesa Goa Ltd., wherein the Court has upheld the claim of the assessee regarding allowability of deduction under section 40(a)(ii) of the Income tax Act, 1961 on account of ‘education cess and secondary and higher education cess’ paid during the year while computing the income from ‘profits and gains from business or profession’.

The question of allowability of deduction on account of ‘education cess’ is currently one of the contentious issues under the Income Tax Law with rulings from the Tribunal and a few High Courts, in favour of both the assessee as well as the Revenue.

It is these varying dimensions and conflicting arguments which are sought to be analysed and laid out in this edition of “TaxBuzz…”.

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