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2000 (1) TMI 30 - HC - Income TaxExtract: .......sive property of the assessee. It is, therefore, impermissible to treat the amount credited in the capital account in the books of the firm as the consideration for transfer. The Tribunal was justified in holding that no gift was involved. The answer to the question, therefore, is in the negative, in, favour of the assessee and against the Revenue.
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