Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
The ITAT ruled that GST collected as a separate line item in invoices, being a statutory levy, should not be included in gross receipts when computing presumptive income under Section 44BB of the Act. Following precedents in Orient Overseas Container Line Limited and Seadrill International Ltd, the Tribunal held that GST stands outside the computation of gross receipts for Section 44BB purposes. The Assessing Officer was directed to exclude GST amounts while determining the assessee's gross receipts for presumptive income calculation. The assessee's ground of appeal on this issue was allowed, establishing that statutory levies separately identified in invoices are not part of the computational base for presumptive taxation.
The ITAT ruled that GST collected as a separate line item in invoices, being a statutory levy, should not be included in gross receipts when computing presumptive income under Section 44BB of the Act. Following precedents in Orient Overseas Container Line Limited and Seadrill International Ltd, the Tribunal held that GST stands outside the computation of gross receipts for Section 44BB purposes. The Assessing Officer was directed to exclude GST amounts while determining the assessee's gross receipts for presumptive income calculation. The assessee's ground of appeal on this issue was allowed, establishing that statutory levies separately identified in invoices are not part of the computational base for presumptive taxation.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
