https://www.taxtmi.com/caselaws?id=27708 The High Court affirmed the Tribunal's decision to exclude the cost of materials supplied by the Government from the profit estimation of the assessee-firm. The Court relied on various High Court decisions and a Supreme Court ruling, emphasizing that no profit element was involved in the turnover represented by such materials. Therefore, the High Court answered the reference in the affirmative, supporting the exclusion of the material cost from the profit calculation. en-us Tue, 24 Jan 1984 00:00:00 +0530 Mon, 15 Feb 2010 15:24:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27708 The High Court affirmed the Tribunal's decision to exclude the cost of materials supplied by the Government from the profit estimation of the assessee-firm. The Court relied on various High Court decisions and a Supreme Court ruling, emphasizing that no profit element was involved in the turnover represented by such materials. Therefore, the High Court answered the reference in the affirmative, supporting the exclusion of the material cost from the profit calculation. Case-Laws Income Tax Tue, 24 Jan 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27708