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1965 (12) TMI 149 - MADRAS HIGH COURTExtract: .......e cannot be any "transaction by a sharer as a person diminishing the value of his own property." We are satisfied that the transaction in question is not a gift liable to pay tax under the Gift-tax Act. We answer the reference in favour of the assessee with costs. Counsel's fee ₹ 250. Question answered in favour of the assessee.
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