The Income Tax Appellate Tribunal “B” Bench, Mumbai, has, recently, in an appeal filed before it by the assessee, held that claim for deduction of educational cess is not allowable in view of the retrospective amendment brought by the Finance Act, 2022.
The aforesaid observation was made by the Tribunal when the assessee, a Government of India undertaking, popularly called as “NABARD”, preferred an appeal before it with regard to the issue of deduction of educational cess as allowable expenditure.
“In view of the retrospective amendment brought in by Finance Act, 2022 in the Income tax Act, the claim of the assessee is not allowable, and accordingly, we reject the same”, considering the issue at hand, the bench held.
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