https://www.taxtmi.com/caselaws?id=7020 The note states that, for the relevant assessment year, the ordinary previous year under section 2(11)(i)(a) of the Income-tax Act, 1922, is the financial year ending on 31 March unless the assessee's accounts are actually made up for a different period; where contract accounts were closed only on completion of work, an alternative accounting year could not govern the assessment period. It also records that a challenge to estimating profit on the gross contract amount, rather than on the net amount after materials supplied by the Government, required supporting facts and evidence in the record; absent that foundation, the profit-rate method of assessment was not disturbed. 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 The note states that, for the relevant assessment year, the ordinary previous year under section 2(11)(i)(a) of the Income-tax Act, 1922, is the financial year ending on 31 March unless the assessee's accounts are actually made up for a different period; where contract accounts were closed only on completion of work, an alternative accounting year could not govern the assessment period. It also records that a challenge to estimating profit on the gross contract amount, rather than on the net amount after materials supplied by the Government, required supporting facts and evidence in the record; absent that foundation, the profit-rate method of assessment was not disturbed. Case-Laws Income Tax Wed, 21 Dec 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7020