https://www.taxtmi.com/caselaws?id=56893 The ITAT allowed the appeal, ruling in favor of the assessee, and excluded material costs from the profit calculation. The ITAT admitted additional evidence, a specimen agreement, to determine ownership and control of materials supplied, emphasizing contractual terms supporting the exclusion of material costs from gross receipts. The decision highlighted the significance of ownership and control in profit rate assessments, overturning the lower authorities' inclusion of material costs and reducing the profit rate to 10%. en-us Wed, 07 Oct 1981 00:00:00 +0530 Tue, 07 Dec 2010 12:46:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56893 The ITAT allowed the appeal, ruling in favor of the assessee, and excluded material costs from the profit calculation. The ITAT admitted additional evidence, a specimen agreement, to determine ownership and control of materials supplied, emphasizing contractual terms supporting the exclusion of material costs from gross receipts. The decision highlighted the significance of ownership and control in profit rate assessments, overturning the lower authorities' inclusion of material costs and reducing the profit rate to 10%. Case-Laws Income Tax Wed, 07 Oct 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56893