9911796707
TMI Blog2018 (8) TMI 1057X X X X Extracts X X X X X X X X Extracts X X X X ..... n 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 CIT (A) 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 the deductions and exclusions from the gross receipts are deemed to have been allowed to the assessee. (iii) Whether the CIT (A) has erred in not appreciating the fact that once the receipts are offered to tax u/s 44BB of the Act which provides for computation of profits on gross basis, there is no scope for computing or recomputing the profits by excluding any part of the receipts from th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 18 held as under:- "14. In the considered view of the Court, both the aforementioned decisions were rendered in the specific contexts in which the questions arose before the Court. In other words the interpretation placed by the Court on the expression "trading receipt' or 'turnover' in the said decisions was determined by the context. The later decision of the Supreme Court in CIT v. Lakshmi Machine Works (supra) which sought to interpret the expression 'turnover' was also in another specific context. There the question before the Supreme Court was "whether excise duty and sales tax were includible in the 'total turnover' which was the denominator in the formula contained in Section 80 HHC (3) as it stood in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Income Tax Act would be required to be made on the amount of rent paid/payable without including the service tax.' In Circular No. 1/2014 dated 13th January 2014, it has been clarified that service tax is not to be included in the fees for professional services or technical services and no TDS is required to be made on the service tax component under Section 194J of the Act." 4. He submitted that the appeal of the Revenue is required to be dismissed and he is further drawn our attention to the decision of the Co-ordinate Benche in the case of DCIT Vs. Trans off shore International Ventures Ltd. ITA No. 898/Del/2016 where the identical issue was decided against the Revenue. 5. We have careful considered the rival contentions of partie ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
