https://www.taxtmi.com/caselaws?id=7020 For contract business, the ordinary previous year under the Income-tax Act, 1922 is the financial year ending 31 March unless accounts are actually made up for a different period. Accounts closed only upon completion of contracts did not establish a valid longer accounting period, so the financial year was applied. Profit estimation on gross receipts was sustained because the claim to exclude the cost of Government-supplied materials had not been raised before the Tribunal, lacked supporting evidence, and had no factual foundation in the record. Both issues were resolved in favour of the department. en-us Wed, 21 Dec 1966 00:00:00 +0530 Sat, 07 Feb 2009 19:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7020 For contract business, the ordinary previous year under the Income-tax Act, 1922 is the financial year ending 31 March unless accounts are actually made up for a different period. Accounts closed only upon completion of contracts did not establish a valid longer accounting period, so the financial year was applied. Profit estimation on gross receipts was sustained because the claim to exclude the cost of Government-supplied materials had not been raised before the Tribunal, lacked supporting evidence, and had no factual foundation in the record. Both issues were resolved in favour of the department. Case-Laws Income Tax Wed, 21 Dec 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7020