TaxTMI 
TaxTMI 
2018 (4) TMI 1263
X X X X Extracts X X X X
X X X X Extracts X X X X
.... 2. The Appellant, M/s. Transocean Offshore International Ventures Limited (hereinafter referred to as 'the taxpayer') by filing the present appeal sought to set aside the impugned order dated 29.12.2015, passed by the AO in consonance with the orders passed by the ld. DRP under section 143 (3) read with section 144C of the Income-tax Act, 1961 (for short 'the Act') qua the assessment year 2011-12 on the grounds inter alia that "i) Whether on the facts and in the circumstances of the case and in law, the DRP has erred in holding that receipts on account of service tax are not includible in gross revenue of the assessee for the purpose of computation of profits under the provisions of section 44BB of the I.T Act, 1961. i....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... by the AO in consonance with the orders passed by the ld. DRP under section 143 (3) read with section 144C of the Income-tax Act, 1961 (for short 'the Act') qua the assessment year 2011-12 on the grounds inter alia that "i) Whether on the facts and in the circumstances of the case and in law, the DRP has erred in holding that receipts on account of service tax are not includible in gross revenue of the assessee for the purpose of computation of profits under the provisions of section 44BB of the I.T Act, 1961. ii) Whether the DRP has erred in not appreciating the fact that section 44BB of the Act is a self-contained code providing for computation of profit at a fixed percentage of gross receipts of the assessee and all th....
X X X X Extracts X X X X
X X X X Extracts X X X X
....rom gross contractual receipts in respect of all the contractors i.e. Oil & Natural Gas Corporation (ONGC), Reliance Industries Limited (RIL) and Transocean Drilling Services (India) Ltd. (TDSIPL). 5. Feeling aggrieved, the Revenue has come up before the Tribunal by way of filing the present appeals. 6. We have heard the ld. Authorized Representatives of the parties to the appeal, gone through the documents relied upon and orders passed by the revenue authorities below in the light of the facts and circumstances of the case. 7. From the facts and circumstances of the case, the order passed by the revenue authorities below and the grounds raised by the Revenue, the short question arises for determination in this case is :- ....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... dismissed revenue's appeal-Issue was whether the service tax collected by the assessee and passed on to the Government from the person to whom it had provided the services can legitimately be considered to form part of the gross receipts for the purposes of computation of the assessee's 'presumptive income' u/s 44BB-Held, position was made explicit by the CBDT itself in two of its circulars-Purpose of s 44BB was to tax what can be legitimately considered as income- of the assessee earned from its business and profession-Only such amounts which were paid or payable for the services provided by the assessee can form part of the gross receipts for the purposes of computation of the gross income u/s 44BB(1) read with s 44BB(2)-....