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Issues: Whether, in estimating the profits of a contractor, the cost of material supplied by the Government was required to be included in the contractor's receipts.
Analysis: The assessment was made on the basis of the contractor's contract receipts, with the assessing authority adding the value of material supplied by the department to the disclosed turnover for the purpose of estimating profits. The question referred turned on whether that value formed part of the receipts of the contractor for profit estimation. The Court followed its earlier decision on the same point and declined to depart from that view, notwithstanding a contrary decision of another High Court.
Conclusion: The cost of material supplied by the Government was to be included while estimating the profits of the contractor, and the question was answered in the negative in favour of the department and against the assessee.
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