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TMI Blog1994 (10) TMI 268X X X X Extracts X X X X X X X X Extracts X X X X ..... Civil Case No. 203 of 1985 and the case of Badri Prasad Bhagwandas & Co. v. CIT also. These two petitions are under section 256(2) of Income-tax Act, 1961 ('the Act'). The assessee/petitioner filed an application before the Tribunal Bench 'A' Delhi, under section 256(1) for referring the following questions of law to this Court for decision : "1. Whether, on the facts and in the circumstances of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... case are that the petitioner-firm was, during the period, relevant for the assessment years 1978-79 and 1979-80, engaged in the business of retail sale of country liquor in district Shivpuri. The firm had licence for the business, which was granted under the provisions of M.P. Excise Act. The ITO, during the assessment proceedings for the relevant period, found that the sales of the assessee were ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t have taken the licence fee as the basis for estimating the sales of the assessee for the relevant period. According to him, the purchases should have been made the basis for estimating the sales. He further submitted that there is no nexus between the licence fee and the sales. 5. The order of the Tribunal - Annexure B - contains the following contention of the learned authorised representative ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ake the licence money or the purchases as the basis for estimating sales under section 145(2), and if, in their discretion, they took licence money as the basis, in view of the prevalent trend in the State, we do not see any illegality in their approach. The learned counsel for the petitioner placed reliance on a Division Bench decision of this Court in the case of Lalluram & Co. v. CIT [Misc. Civ ..... X X X X Extracts X X X X X X X X Extracts X X X X
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