1977 (7) TMI 83 - AT - Income Tax

Summary

The appeal related to the estimate of net profit in road contracts. The assessee argued that net profit should be based on net receipts after deducting certain expenses. The tribunal agreed, citing a previous court decision. The tribunal also found 15% profit rate too high and set it at 12.5% on net receipts. The appeal was allowed in part. (Case: 1977 (7) TMI 83 - ITAT HYDERABAD-B)