TaxTMI 
TaxTMI 
1984 (1) TMI 45
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...."). The following question has been referred for the opinion of this court: "Whether, on the facts and circumstances of the case, the gross payment shown including the cost of material deducted by the principal should have been taken into account for determining the profit for calculating on percentage basis or the value of the supplies made by the principal should have been deducted and on the re....
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....for the materials supplied by the contractee to the petitioner at the time of execution of the work. In appeal also the claim of the petitioner was not taken into consideration by the AAC. Against that order, the petitioner went up in appeal to the Income-tax Appellate Tribunal, but was unsuccessful. Thereafter, an application filed under s. 256(1) of the Act having been rejected, the petitioner h....
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....put through or completed by a contractor, the income or profits derived by the contractor from such contract is determined on the value of the contract as a whole and cannot be determined by considering several items that go to form such value of the contract but in our view where certain stores/ material is supplied at fixed rates by the Department to the contractor solely for being used or fixed....