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1996 (1) TMI 33 - MADRAS HIGH COURTExtract: .......uated with the extinguishment of right on account of its transfer. In that view of the matter, the Supreme Court held that no capital gains tax would be leviable in such a case. In view of the aforesaid decision of the Supreme Court, we answer this question in the negative and in favour of the assessee. There will, however, be no order as to costs.
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