1978 (3) TMI 115 - AT - Income Tax

Summary

The appeal was filed by the assessee regarding the estimation of profit on materials supplied by the Government for contract work. The authorities estimated a profit of 5% on the material cost, but the Tribunal ruled in favor of the assessee, stating that profit should not be calculated on government-supplied materials. The addition of Rs. 7,186 was deleted. Key cases cited include Trikanji Punia & Sons, Trilok Chand Chuni Lal, and Goswamy Bros.