https://www.taxtmi.com/caselaws?id=71104 Where a contractor maintained regular books of account and no specific defects were pointed out, profit could not be estimated merely on gross receipts. The appellate authority noted that the works were executed for the State Government, materials supplied by the Government remained its property and under its control, and the declared book results were reasonable in the circumstances. It held that there was no general rule requiring estimation of profit on gross receipts in every case, and the addition was therefore unwarranted; the declared results were accepted. en-us Mon, 16 Feb 1976 00:00:00 +0530 Thu, 21 Apr 2011 13:40:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71104 Where a contractor maintained regular books of account and no specific defects were pointed out, profit could not be estimated merely on gross receipts. The appellate authority noted that the works were executed for the State Government, materials supplied by the Government remained its property and under its control, and the declared book results were reasonable in the circumstances. It held that there was no general rule requiring estimation of profit on gross receipts in every case, and the addition was therefore unwarranted; the declared results were accepted. Case-Laws Income Tax Mon, 16 Feb 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71104