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Shelf Drilling Ron Tappmeyer Limited, ... vs Acit- It, Circle 4(2)(1), Mumbai on 25 January, 2023
cites
M/S. Chowringhee Sales Bureau (P) Ltd vs C.I.T., West Bengal on 10 October, 1972
In Lakshmi Machine Works (supra), the Supreme Court approved the decision of
the Bombay High Court in Sudarshan Chemicals Industries Ltd (supra) which in turn
considered the decision of the Supreme Court in George Oakes (P) Ltd (supra) In the
considered view of the Court, the decision of the Supreme Court in Lakshmi Machines
Works (supra) is sufficient to answer the question framed in the present appeal in
favour of the Assessee. The service tax collected by the Assessee does not have any
element of income and therefore cannot form part of the gross receipts for the
purposes of computing the 'presumptive income' of the Assessee under Section 44BB
of the Act.