"A likely story!" (4)

There are a few possibilities for this:

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1,3 2,2 4* 8*

'a likely story' is the definition.
(I've seen this in another clue)

This is the entire clue.

(Other definitions for asif that I've seen before include "Common name in Pakistan" , "yeah, right!" , "I very much doubt it!" .)

I've seen this clue in the Universal and the Newsday.

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