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of <h1>Transportation Contract Business: ITAT Decision on Net Income Calculation</h1> The ITAT Patna-A partially allowed the appeal of an assessee engaged in a transportation contract business, determining the net income at Rs. 36,968 based ... - The ITAT Patna-A allowed the appeal of an assessee involved in a contract-business for transportation of sand, coal, and coke. The tribunal found that the agreement with the subcontractor was genuine, rejecting the tax authorities' claim that it was fictitious. The net income was estimated at Rs. 36,968, based on 4% of total receipts. The appeal was partly allowed. (Case citation: 1979 (2) TMI 152 - ITAT PATNA-A)
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