https://www.taxtmi.com/caselaws?id=63634 An exceptionally high liquor licence fee materially reduced the assessee's margin in the liquor contract business, and the books were not shown to be unreliable by any specific discrepancy, wrong entry, or comparable case. A general objection that sales and expenses were not fully vouched was insufficient to reject the book results or justify estimation of profit by applying a net profit rate. The disclosed trading results were therefore accepted and the addition sustained in first appeal was deleted. en-us Wed, 21 Oct 1981 00:00:00 +0530 Tue, 01 Feb 2011 11:39:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63634 An exceptionally high liquor licence fee materially reduced the assessee's margin in the liquor contract business, and the books were not shown to be unreliable by any specific discrepancy, wrong entry, or comparable case. A general objection that sales and expenses were not fully vouched was insufficient to reject the book results or justify estimation of profit by applying a net profit rate. The disclosed trading results were therefore accepted and the addition sustained in first appeal was deleted. Case-Laws Income Tax Wed, 21 Oct 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63634