https://www.taxtmi.com/caselaws?id=63676 Amounts deducted from contract receipts as security deposits were treated as part of the gross accruals and not excluded in computing taxable income, because no accounting basis or contrary material showed they were deductible. The net effect was that the exclusion was disallowed. A net profit rate of 7.5% on the contract receipts was also accepted as a reasonable estimate in the absence of material justifying a different figure, so that estimate was sustained for income computation. en-us Thu, 08 Jan 1987 00:00:00 +0530 Tue, 01 Feb 2011 12:59:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63676 Amounts deducted from contract receipts as security deposits were treated as part of the gross accruals and not excluded in computing taxable income, because no accounting basis or contrary material showed they were deductible. The net effect was that the exclusion was disallowed. A net profit rate of 7.5% on the contract receipts was also accepted as a reasonable estimate in the absence of material justifying a different figure, so that estimate was sustained for income computation. Case-Laws Income Tax Thu, 08 Jan 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63676