1979 (2) TMI 152 - AT - Income Tax

Summary

The ITAT Patna-A allowed the appeal of an assessee involved in a contract-business for transportation of sand, coal, and coke. The tribunal found that the agreement with the subcontractor was genuine, rejecting the tax authorities' claim that it was fictitious. The net income was estimated at Rs. 36,968, based on 4% of total receipts. The appeal was partly allowed. (Case citation: 1979 (2) TMI 152 - ITAT PATNA-A)