https://www.taxtmi.com/caselaws?id=28014 The High Court ruled in favor of the assessee, allowing the deduction of material costs from the gross receipt to determine profits for works contractors. The court held that if no profit was derived from materials supplied, profits from the contract should be calculated based on the contract value minus the cost of such materials. This decision aligned with a Supreme Court precedent cited by the petitioner. The unanimous judgment emphasized the entitlement of the petitioner to deduct material costs from the gross payment for profit calculation purposes. en-us Tue, 31 Jan 1984 00:00:00 +0530 Wed, 17 Feb 2010 13:33:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28014 The High Court ruled in favor of the assessee, allowing the deduction of material costs from the gross receipt to determine profits for works contractors. The court held that if no profit was derived from materials supplied, profits from the contract should be calculated based on the contract value minus the cost of such materials. This decision aligned with a Supreme Court precedent cited by the petitioner. The unanimous judgment emphasized the entitlement of the petitioner to deduct material costs from the gross payment for profit calculation purposes. Case-Laws Income Tax Tue, 31 Jan 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28014