https://www.taxtmi.com/caselaws?id=37113 The High Court upheld the Tribunal's decision to calculate the profit from contract business by considering gross payment, as evidence regarding the ownership and control of materials supplied was lacking. The Court emphasized that the treatment of material value in profit calculation varies depending on the specific contract type, highlighting differences in overall contracts, works contracts, and lump sum contracts. In this case, the absence of stock and issue registers for materials led to the decision to base profit calculation on gross payment, emphasizing the importance of factual evidence in determining the treatment of material value in contract business profit calculation. en-us Mon, 10 Sep 1979 00:00:00 +0530 Fri, 26 Mar 2010 14:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37113 The High Court upheld the Tribunal's decision to calculate the profit from contract business by considering gross payment, as evidence regarding the ownership and control of materials supplied was lacking. The Court emphasized that the treatment of material value in profit calculation varies depending on the specific contract type, highlighting differences in overall contracts, works contracts, and lump sum contracts. In this case, the absence of stock and issue registers for materials led to the decision to base profit calculation on gross payment, emphasizing the importance of factual evidence in determining the treatment of material value in contract business profit calculation. Case-Laws Income Tax Mon, 10 Sep 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37113