GST not includible while computing presumptive income u/s. 44B: ITAT Mumbai

Orient Overseas Container Line Limited Vs DCIT (ITAT Mumbai) ITAT Mumbai held that Goods and Services Tax (GST) amount while computing presumptive income under section 44B of the Income Tax Act cannot be included. Thus, issue decided in favour of assessee. Facts- The present appeal has been filed by the assessee against final assessment order dated 12.07.2023 passed in pursuance of direction given by DRP. Assessee has mainly contested that GST amount cannot be considered for the purpose of computing presumptive income under section 44B of the Income Tax Act. Conclusion- Held that if it is held...