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1994 (10) TMI 268 - HC - Income TaxMethod of accounting - Rejection of - Assessment years 1977-78 to 1979-80 - Assessee-firm was engaged in business of retail sale of country liquor - Sales of assessee were not vouched and quantitative tallies could not be made - Whether, since there was direct nexus between licence fee and expected sales, licence fee could be made basis for estimating sales and, therefore, lower authorities were justified in estimating sales and profit
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