https://www.taxtmi.com/caselaws?id=457001 ITAT Delhi held that service tax receipts should not be included in gross revenue for computing profits under presumptive provisions of section 44BB. The non-resident company's contract with ONGC Ltd was assessed, with the tribunal following precedents from Delhi HC in Mitchell Drilling International and Uttarakhand HC in DIT International Taxation v Schlumberger Asia Services. Courts established that service tax, being a statutory levy reimbursed by the service recipient, does not form part of aggregate receipts under section 44BB(2). The tribunal ruled in favor of the assessee, excluding service tax from income computation. en-us Mon, 29 Nov 2021 00:00:00 +0530 Fri, 30 Aug 2024 19:01:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457001 ITAT Delhi held that service tax receipts should not be included in gross revenue for computing profits under presumptive provisions of section 44BB. The non-resident company's contract with ONGC Ltd was assessed, with the tribunal following precedents from Delhi HC in Mitchell Drilling International and Uttarakhand HC in DIT International Taxation v Schlumberger Asia Services. Courts established that service tax, being a statutory levy reimbursed by the service recipient, does not form part of aggregate receipts under section 44BB(2). The tribunal ruled in favor of the assessee, excluding service tax from income computation. Case-Laws Income Tax Mon, 29 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457001