This is premium content. Please become a Premium member. If you are already a member, login here to access the full content.
Computation of profit in case of construction contracts
Case Law Details
- Case Name
- Ramniklal J. Nathwani Vs. ITO (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2002- 2003
- Courts
- ITAT Mumbai
Advertisement
RELEVANT PARAGRAPHS:
13.5 That in the case of running contracts, no income, profits or gains can in fact be computed unless the contract is completed and if the contract is completed in a period of more than a year, the crucial time for calculating the income, profits and gains arrives only when the entire contract is completed in other words, argument was that the only method by which the gains or profits of the assessee could be determined was to wait until the whole of the expenditure to be incurred by the assessee over this contract business had been made good and thereaft...
