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2008 (11) TMI 16 - SC - Income TaxWhether any "gift" arose in terms of Section 2(xii) of the Gift-tax Act on the allotment of rights issue by the company to its shareholders - on question of evasion of tax, contention of Department is conflicting – Dept. has messed up entire case - Department has not kept in mind the difference between "allotment" & "renunciation" – Dept. has not invoked the provisions of Gift-tax Act against renouncer shareholder despite the observation of the CIT(A) in that regard - Assessee’s appeal allowed
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