https://www.taxtmi.com/caselaws?id=62429 The Tribunal upheld the Appellate Assistant Commissioner's decision to estimate profits at 12.5% of the gross contract receipts, rejecting the assessee's argument to exclude the value of materials supplied by the contractee. The Tribunal emphasized that profit estimation should be based on the entire contract value and not just specific components. The inclusion of material costs in the gross receipts was deemed justified, leading to the dismissal of the appeals. en-us Wed, 17 Aug 1977 00:00:00 +0530 Wed, 19 Jan 2011 17:57:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62429 The Tribunal upheld the Appellate Assistant Commissioner's decision to estimate profits at 12.5% of the gross contract receipts, rejecting the assessee's argument to exclude the value of materials supplied by the contractee. The Tribunal emphasized that profit estimation should be based on the entire contract value and not just specific components. The inclusion of material costs in the gross receipts was deemed justified, leading to the dismissal of the appeals. Case-Laws Income Tax Wed, 17 Aug 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62429