https://www.taxtmi.com/caselaws?id=27525 The High Court, following Supreme Court principles, ruled in favor of the assessee, directing the exclusion of material costs supplied by a government department from turnover calculations for profit determination. The judgment clarified that no profit accrues from such materials in contract execution, aligning with previous decisions from various High Courts. Each party was ordered to bear their own costs in the reference. en-us Fri, 02 Dec 1983 00:00:00 +0530 Sat, 13 Feb 2010 13:33:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27525 The High Court, following Supreme Court principles, ruled in favor of the assessee, directing the exclusion of material costs supplied by a government department from turnover calculations for profit determination. The judgment clarified that no profit accrues from such materials in contract execution, aligning with previous decisions from various High Courts. Each party was ordered to bear their own costs in the reference. Case-Laws Income Tax Fri, 02 Dec 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27525