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2014 (4) TMI 1231 - AT - Income TaxRejection of books of accounts - estimation of profits - determination of profits in the business of wines - Held that:- In similar matters, the Coordinate Benches of the Tribunal have been consistently directing adoption of rate of 5% of the purchase value or stock put to use whichever is more. As decided in ITO, Warangal vs. Shri P. Ramaiah and others [2013 (12) TMI 1001 - ITAT HYDERABAD] income of the assessees in the line of liquor business has to be estimated at 5% cost of sales made by them - decided against revenue
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