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2004 (6) TMI 16 - HC - Income TaxGift Tax - "1. Whether Tribunal was justified in holding that the applicant was liable to gift-tax on surrender of his share on a reconstitution of the firm? 2. Whether there were materials for the Tribunal to come to the conclusion that the alleged gift made by the applicant was without consideration in money or money's worth within the meaning of the Gift-tax Act?" - we are of the view that there is no gift. Hence, we answer question No. 1 in the negative and against the Department. Question No. 2 is also answered in the negative and against the Department.
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