gross receipts

Tribunal has also placed reliance on yet another judgment of the Supreme Court. ported in (1972) ITR 83 page 27 (Hindustan Steel Limited v. State of Orissa), where it dealt with the provisions contained in Orissal Sales Tax Act. While considering the general principles, the Apex Court has held that penalty can be levied on failure of the assessee to get itself registered as a dealer under the Sales Tax Act only when it is established that he had not acted bona fide, or a.. Full Article

We have considered the submissions made at length by both sides and perused the records. The issue for determination in this case is whether the reimbursable expenditure incurred by the appellant is chargeable to service tax or not. On perusal of the returns it appears that they had indicated this amount against the column marked as "amount billed for exempted services other than export". It is also undisputed that the appellant has been taking this stand before the lowe.. Full Article

Under the existing provisions of Section 44BB of the Act, which has non-obstante clause overriding the other provisions of the Act, non-resident service providers to oil & gas industry enjoy a tax regime wherein 10% of the gross receipts are deemed to be their income and tax is levied at the rate of 42.23% on [...] Full Article

SUMMARY OF CASE LAW The catering charges and fuel expenses reimbursed cannot be excluded from the `amount’ defined in sub-section (2) of section 44BB for computing profits and gains in connection with the business of exploration, etc., of mineral. CASE LAW DETAILS Decided by: HIGH COURT OF UTTARAKHAND, In The case of: CIT v RBF Rig [...] Full Article