Service Tax not to be added in Gross Receipts calculation U/s. 44B

Issue- Addition of Rs.11,34,14,190/- being the amount of Service Tax to the total revenue for the computation of profit under Section 44B of the Income-tax Act, 1961.

The facts in brief are that the assessee company is a foreign company incorporated under the law of Korea. The assessee has opted that its income from operation of shipping be taxed under section 44B of the Income Tax Act on presumptive basis at the rate of 7.5% of the aggregate amount as per the provisions of section 44B of the Act read with Art

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