https://www.taxtmi.com/caselaws?id=49547 The Supreme Court upheld the excess profits tax liability assessments for the appellants spanning two chargeable accounting periods. The Court emphasized the importance of accurate assessment based on specific accounting periods and the application of rule 9 of Schedule I of the Excess Profits Tax Act for proper apportionment of profits from contracts extending over multiple accounting periods. The High Court's decision in favor of the tax authorities was affirmed, dismissing the appeals and highlighting the necessity of adhering to statutory provisions for precise tax assessments. en-us Wed, 14 Dec 1960 00:00:00 +0530 Sun, 31 Aug 2014 18:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49547 The Supreme Court upheld the excess profits tax liability assessments for the appellants spanning two chargeable accounting periods. The Court emphasized the importance of accurate assessment based on specific accounting periods and the application of rule 9 of Schedule I of the Excess Profits Tax Act for proper apportionment of profits from contracts extending over multiple accounting periods. The High Court's decision in favor of the tax authorities was affirmed, dismissing the appeals and highlighting the necessity of adhering to statutory provisions for precise tax assessments. Case-Laws Income Tax Wed, 14 Dec 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49547