https://www.taxtmi.com/caselaws?id=26443 The High Court held that the Tribunal's decision to exclude the value of materials from gross receipts for net profit calculation was unjustified. The court emphasized the importance of establishing control over materials in contract work to determine profit accurately. The case was remanded to the Tribunal for a reassessment based on the control of materials by either the assessee or the Department, directing the Tribunal to determine the rate of profit accordingly. en-us Tue, 25 Feb 1986 00:00:00 +0530 Fri, 05 Feb 2010 10:25:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26443 The High Court held that the Tribunal's decision to exclude the value of materials from gross receipts for net profit calculation was unjustified. The court emphasized the importance of establishing control over materials in contract work to determine profit accurately. The case was remanded to the Tribunal for a reassessment based on the control of materials by either the assessee or the Department, directing the Tribunal to determine the rate of profit accordingly. Case-Laws Income Tax Tue, 25 Feb 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26443