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1963 (11) TMI 80 - HC - Income TaxExtract: .......ay not constitute a sale; but it would be a 'transfer' and the profit obtained by the transferor on such transfer would be capital gains." As already stated, we are also inclined to take the same view. In the result, the reference is answered against the assessee, who will pay the costs of the department. Counsel's fee ₹ 250.
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