GST cannot be included while computing Deemed Income u/s 44B: ITAT

The Income Tax Appellate Tribunal (ITAT) ruled that GST cannot be included while computing deemed income under Section 44B of the Income Tax Act. This decision clarifies that GST should be excluded from the gross receipts when calculating the presumptive income of non-resident shipping companies. The ruling provides relief to taxpayers by ensuring that GST is not considered part of the taxable income, thereby reducing the tax liability for non-resident shipping companies operating in India.