1986 (5) TMI 25

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ome-tax Act, 1961, is as follows : " Whether, on the facts and in the circumstances of the case, the Tribunal were justified in law in holding that the value of the materials supplied to the assessee in the execution of the contract work should be excluded from the gross receipts in determining the net profit by application of rate ? " This question relates to the assessment year 1971-72. Th....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....the basis of the net receipt of the assessee. In the instant case, as in Taxation Case No. 82 of 1975 ([1986] 162 ITR 643), the matter has not been enquired into with an eye on the law laid down by us. In that view of the matter, this reference also must be remanded to the Tribunal for reconsidering the entire matter with an eye on the law laid down by us in Taxation Case No. 82 of 1975 ([1986] 16....