https://www.taxtmi.com/caselaws?id=26987 The High Court ruled in favor of the assessee, holding that the cost of materials supplied by the Government should not be included before applying a flat rate to the assessee's gross receipts. The Court emphasized that no profit element was involved in the turnover represented by the cost of materials supplied by the Government, aligning with previous Supreme Court decisions. The High Court's decision favored the assessee, directing the exclusion of the cost of materials from the total receipts for computing profits at a flat rate of 13.7%. en-us Tue, 05 Feb 1985 00:00:00 +0530 Wed, 10 Feb 2010 10:11:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26987 The High Court ruled in favor of the assessee, holding that the cost of materials supplied by the Government should not be included before applying a flat rate to the assessee's gross receipts. The Court emphasized that no profit element was involved in the turnover represented by the cost of materials supplied by the Government, aligning with previous Supreme Court decisions. The High Court's decision favored the assessee, directing the exclusion of the cost of materials from the total receipts for computing profits at a flat rate of 13.7%. Case-Laws Income Tax Tue, 05 Feb 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26987