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Bombay HC allows deduction of ‘Education Cess’ while computing income chargeable under PGBP

June 18, 2020[2020] 117 96 (Bombay)

INTERNATIONAL TAXATION: Demurrage paid by assessee-company to non-resident buyers of iron ore in terms of relevant sales contract was not income accrued or arisen to said non-resident buyers in India within meaning of section 5(2)(b) read with Explanation 1(b) to section 9(1)(i)

INCOME TAX: Education Cess and Higher and Secondary Education Cess are liable for deduction in computing income chargeable under head of 'profits and gains of business or profession'
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