1976 (2) TMI 65

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....Assistant Commissioner was wrong in confirming the estimates of turnover and gross profit adopted by the Income Tax Officer in respect of its retail business in cloth. 2. In the course of the assessment, the Income Tax Officer refused registration to the assessee firm and also rejected the books of account maintained by it estimated the turnover at Rs. 5,96,000 as against Rs. 5,81,012 disclosed....