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The ITAT upheld that GST amount shall not be included in computing presumptive income under Section 44B of the Act, following its prior decision for AY 2020-21, thereby deleting the addition made by the AO for AY 2022-23. The Tribunal reaffirmed that the Assessee, entitled to treaty benefits under Article 8, cannot have GST considered in deemed business income computations. Additionally, the Tribunal ruled that provisions of Section 115JB relating to MAT and the computation of 'Book Profits' do not apply to the Assessee, based on Explanation 4A to Section 115JB(1), consistent with its earlier decision under identical facts. Accordingly, all contested additions and MAT applicability were set aside in favor of the Assessee.
The ITAT upheld that GST amount shall not be included in computing presumptive income under Section 44B of the Act, following its prior decision for AY 2020-21, thereby deleting the addition made by the AO for AY 2022-23. The Tribunal reaffirmed that the Assessee, entitled to treaty benefits under Article 8, cannot have GST considered in deemed business income computations. Additionally, the Tribunal ruled that provisions of Section 115JB relating to MAT and the computation of 'Book Profits' do not apply to the Assessee, based on Explanation 4A to Section 115JB(1), consistent with its earlier decision under identical facts. Accordingly, all contested additions and MAT applicability were set aside in favor of the Assessee.
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