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1985 (12) TMI 116 - AT - Income TaxExtract: .......the firm, no transfer is involved and no capital gains tax can be exigible in such cases. Following all the above, we hold that the impugned order should be set aside and we direct the ITO to delete the long-term capital gains from out of the computation of the assessee s income for the assessment year 1981-81. 4. The appeal is, therefore, allowed.
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