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2004 (5) TMI 24 - HC - Income TaxGift Tax Act, 1958 - "Whether, on the facts and in the circumstances of the case, the Tribunal erred in holding that the land transferred by the assessee and the amounts of Rs. 4,00,000 and Rs. 6,00,000 put in the trusts did not attract the provisions of the Gift-tax Act because the lands belong to the Hindu undivided family and the amounts put in the trusts came out of the privy purse payments which were properties of the family?" - question is, answered in favour of the Revenue and against the assessee
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