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1989 (11) TMI 82 - ITAT COCHINExtract: ....... regard to these factors, we hold that even if all the gifts are held to be taxable, the entire amount was for purpose of education and represented the reasonable amount for the educational needs of the donees. In this view of the matter also we delete the addition sustained by the first appellate authority. 4. In the result, the appeal is allowed.
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