{"id":36046,"date":"2023-08-27T22:32:44","date_gmt":"2023-08-27T17:02:44","guid":{"rendered":"https:\/\/itatonline.org\/digest\/dy-cit-it-v-globle-santage-drilling-co-2022-210-dtr-308-mumtrib\/"},"modified":"2023-08-27T22:32:44","modified_gmt":"2023-08-27T17:02:44","slug":"dy-cit-it-v-globle-santage-drilling-co-2022-210-dtr-308-mumtrib","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/dy-cit-it-v-globle-santage-drilling-co-2022-210-dtr-308-mumtrib\/","title":{"rendered":"Dy. CIT (IT) v. Globle Santage Drilling Co. (2022) 210 DTR 308 (Mum)(Trib)"},"content":{"rendered":"<p>Held that Service-tax should be excluded from gross receipts for the purpose of computation of income under S. 44BB of the Act.Followed\u00a0 <strong>Dy <\/strong>CIT (IT) v.\u00a0 Global Santafe Drilling Co (ITA No 5638\/Mum\/2016, dt 9th Dec, 2019. Held that\u00a0 in view of R. 115(1), income received in foreign currency is required to be converted into Indian rupees at the TT buying rate on the specified date, there is bound to be variations in the revenues computed in the hands of the assessee vis-a-vis revenues converted as on the date on which foreign currency payments are made by the payer Income-tax Act. Difference in revenue offered to tax and revenue as shown in Form 26AS-Foreign currency rate. Matter remanded <strong>\u00a0<\/strong>\u00a0(AY.2014-15)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 44BB : Mineral oils-Computation-Non-Resident-Service tax collection-Excluded from gross receipts-Difference in revenue offered to tax and revenue as shown in Form 26AS-Foreign currency rate-Matter remanded.   [R. 115(1), From No.26AS] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-36046","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-9no","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/36046","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=36046"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/36046\/revisions"}],"predecessor-version":[{"id":36047,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/36046\/revisions\/36047"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=36046"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=36046"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=36046"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}