https://www.taxtmi.com/caselaws?id=39383 The High Court of Gujarat ruled in favor of the assessee, a partnership firm in the contracting business, regarding the inclusion of the cost of materials supplied by the Government in their total receipts for assessment years 1968-69 and 1969-70. The Court held that the cost of materials did not partake the character of trading receipts and should not be considered in profit calculations. The contract specified that the materials supplied by the Government were not for the contractor's profit. Consequently, the Court directed the Commissioner to pay the costs of the reference to the assessee and answered both issues in the negative, supporting the assessee's position. en-us Mon, 15 Mar 1976 00:00:00 +0530 Fri, 16 Apr 2010 11:18:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39383 The High Court of Gujarat ruled in favor of the assessee, a partnership firm in the contracting business, regarding the inclusion of the cost of materials supplied by the Government in their total receipts for assessment years 1968-69 and 1969-70. The Court held that the cost of materials did not partake the character of trading receipts and should not be considered in profit calculations. The contract specified that the materials supplied by the Government were not for the contractor's profit. Consequently, the Court directed the Commissioner to pay the costs of the reference to the assessee and answered both issues in the negative, supporting the assessee's position. Case-Laws Income Tax Mon, 15 Mar 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39383