https://www.taxtmi.com/caselaws?id=758714 ITAT Mumbai held that GST amounts should be excluded from gross receipts computation under section 44BB for a non-resident Brazilian company providing offshore drilling services to ONGC. The tribunal ruled that GST collected from customers and remitted to government cannot be considered as income for presumptive taxation purposes. Following CBDT circulars and precedents including Schulumberger Asia Services Limited and McDermott International Management, the court determined that only amounts constituting actual business income should be included in section 44BB calculations, not tax components collected on behalf of government. en-us Mon, 09 Sep 2024 00:00:00 +0530 Tue, 17 Sep 2024 12:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758714 ITAT Mumbai held that GST amounts should be excluded from gross receipts computation under section 44BB for a non-resident Brazilian company providing offshore drilling services to ONGC. The tribunal ruled that GST collected from customers and remitted to government cannot be considered as income for presumptive taxation purposes. Following CBDT circulars and precedents including Schulumberger Asia Services Limited and McDermott International Management, the court determined that only amounts constituting actual business income should be included in section 44BB calculations, not tax components collected on behalf of government. Case-Laws Income Tax Mon, 09 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758714