https://www.taxtmi.com/caselaws?id=27245 The High Court ruled in favor of the contractor-assessee, stating that the value of materials supplied by the Government should be excluded from the turnover when estimating net income. This decision was based on the Supreme Court's ruling that no profit is accrued on materials supplied by the Government at fixed rates for incorporation in works. The judgment settled the legal position on the matter, aligning with the Supreme Court's principles. The parties were directed to bear their own costs of the reference. en-us Sat, 03 Dec 1983 00:00:00 +0530 Thu, 11 Feb 2010 16:35:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27245 The High Court ruled in favor of the contractor-assessee, stating that the value of materials supplied by the Government should be excluded from the turnover when estimating net income. This decision was based on the Supreme Court's ruling that no profit is accrued on materials supplied by the Government at fixed rates for incorporation in works. The judgment settled the legal position on the matter, aligning with the Supreme Court's principles. The parties were directed to bear their own costs of the reference. Case-Laws Income Tax Sat, 03 Dec 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27245