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2007 (1) TMI 130 - HC - Income TaxExtract: .......family arrangement to settle the discomforts between the members of the family. n view of our above conclusion, we hold that the property gifted by the assessee are liable to be assessed as income and hence, to be taxed under the Gift-tax Act. Accordingly, the reference is answered in the negative, in favour of the Revenue and against the assessee.
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