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1970 (1) TMI 1 - ALLAHABAD HIGH COURTGift Tax Act, 1958 - transfer of capital from the account of the assessee to the accounts of his three sons - there was a clear intention on the part of the assessee to divest himself in praesenti of the property and to confer it upon the sons - clearly, there was a gift in respect of each of the three sons - it was a transfer of property by the assessee to the sons and was taxable under the GT Act
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