https://www.taxtmi.com/caselaws?id=38270 Where an assessee's accounting method is not shown to be a recognised and reliable basis for ascertaining annual profits, income may be estimated under the proviso to section 13 of the Indian Income-tax Act, 1922, even if the work was done on a completed-job contract basis. In estimating contract profits, the proper base is the gross value of the work done where the contractor's expected margin relates to the whole job and the effect of materials or other deductions is not shown to alter that margin. The text states that this approach justified estimation on the gross contract value. en-us Fri, 27 Sep 1974 00:00:00 +0530 Mon, 05 Apr 2010 12:37:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38270 Where an assessee's accounting method is not shown to be a recognised and reliable basis for ascertaining annual profits, income may be estimated under the proviso to section 13 of the Indian Income-tax Act, 1922, even if the work was done on a completed-job contract basis. In estimating contract profits, the proper base is the gross value of the work done where the contractor's expected margin relates to the whole job and the effect of materials or other deductions is not shown to alter that margin. The text states that this approach justified estimation on the gross contract value. Case-Laws Income Tax Fri, 27 Sep 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38270