https://www.taxtmi.com/caselaws?id=36142 In estimating a contractor's income for assessment year 1972-73, the cost of materials supplied by the department was not to be added to the contractor's receipts for applying the profit rate, because such material cost is excluded from computation of income and profits. Deposits retained by the department were treated differently and were includible in the total receipts for profit estimation. The operative effect is that profit estimation is confined to cash receipts and other includible amounts, while departmental material supplies are of the receipt base; the point was resolved partly in favour of the assessee. en-us Tue, 17 Apr 1979 00:00:00 +0530 Fri, 19 Mar 2010 15:46:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36142 In estimating a contractor's income for assessment year 1972-73, the cost of materials supplied by the department was not to be added to the contractor's receipts for applying the profit rate, because such material cost is excluded from computation of income and profits. Deposits retained by the department were treated differently and were includible in the total receipts for profit estimation. The operative effect is that profit estimation is confined to cash receipts and other includible amounts, while departmental material supplies are of the receipt base; the point was resolved partly in favour of the assessee. Case-Laws Income Tax Tue, 17 Apr 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36142