https://www.taxtmi.com/caselaws?id=66732 Contract income from road works was to be computed on net receipts where the contract terms showed that bitumen was supplied by the Government and roller hire charges were borne under the departmental arrangement; the relevant amounts were therefore deductible before estimating taxable profit. The estimated net profit rate of 15 per cent was also considered excessive on the facts and in light of comparable cases, so it was reduced to 12-1/2 per cent on net receipts. The assessment was accordingly revised on the basis of net receipts and a lower profit rate, granting partial relief to the assessee. en-us Wed, 27 Jul 1977 00:00:00 +0530 Sat, 05 Mar 2011 18:51:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66732 Contract income from road works was to be computed on net receipts where the contract terms showed that bitumen was supplied by the Government and roller hire charges were borne under the departmental arrangement; the relevant amounts were therefore deductible before estimating taxable profit. The estimated net profit rate of 15 per cent was also considered excessive on the facts and in light of comparable cases, so it was reduced to 12-1/2 per cent on net receipts. The assessment was accordingly revised on the basis of net receipts and a lower profit rate, granting partial relief to the assessee. Case-Laws Income Tax Wed, 27 Jul 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66732