https://www.taxtmi.com/caselaws?id=38268 The case involved a dispute over the calculation of net profit on structural contracts, specifically regarding materials supplied by the Government. The Income-tax Officer initially estimated income based on gross receipts, including material costs. The Tribunal upheld this assessment for the 1962-63 year but set aside reassessments for earlier years. The court emphasized the importance of clarifying contract terms on material supply and directed the Tribunal to investigate if there was a profit element in the supplied materials. The remand aimed to ensure a fair assessment based on contract specifics, with no costs awarded. en-us Thu, 12 May 1977 00:00:00 +0530 Mon, 05 Apr 2010 12:34:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38268 The case involved a dispute over the calculation of net profit on structural contracts, specifically regarding materials supplied by the Government. The Income-tax Officer initially estimated income based on gross receipts, including material costs. The Tribunal upheld this assessment for the 1962-63 year but set aside reassessments for earlier years. The court emphasized the importance of clarifying contract terms on material supply and directed the Tribunal to investigate if there was a profit element in the supplied materials. The remand aimed to ensure a fair assessment based on contract specifics, with no costs awarded. Case-Laws Income Tax Thu, 12 May 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38268