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1989 (4) TMI 28 - HC - Income TaxExtract: .......point of time. We, therefore, hold that the Tribunal was in error in the view it took that the advances made by the assessee to his son should be treated as gifts in the years in which they were made. We answer the question referred to us in the negative and in favour of the Revenue. The Revenue will be entitled to its costs. Counsel s fee Rs. 500.
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