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1998 (2) TMI 9 - SC - Income TaxDamodaran Nair carrying on business as an individual converted the individual business into a partnership business in which he admitted two of his nephews as partners - impugned conversion amount to Transfer within the meaning of Section 45 read with section 2(47) of the Income Tax and hence subject to capital gains - but gains u/s 45 of the IT Act has arisen
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