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1968 (9) TMI 49 - CALCUTTA HIGH COURTPartnership admitting the limited company as a partner - assessment re-opened, as capital gain to the firm by the sale escaped taxation - Whether any capital gains within the meaning of s. 12B of the IT Act, 1922, could be said to arise by the transaction involving transfer of investment held by the assessee-company, admission of the company as a partner in the assessee-firm and issue of shares of the company to public - Held, yes
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