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1998 (7) TMI 712 - MADRAS HIGH COURTExtract: .......as received money representing his share from the amalgamated company has received that money in satisfaction of the right which belonged to him by virtue of holding his share and it amounts to capital gain. The assessee is liable to pay the tax on capital gain. 6. We answer the question of law in the affirmative in favour of the revenue. No costs.
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