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2004 (9) TMI 89 - MADRAS HIGH COURT"Whether, Tribunal was right in law and had valid materials in holding that the assessee had transferred only the lodging business to the trust and hence the transfer is not hit by the provisions of section 60, even though the property with which the lodging business was done has not been transferred by the assessee to the trust?" - Revenue, contend that the agreement is only for ten years and that would not by itself constitute an absolute transfer - We are unable to accept his contention as there is no provision to require an absolute transfer, as argued by learned counsel for the Revenue either in section 60 or section 63 of the Income-tax Act, which defines the word "transfer". – Question is answered in the affirmative, against the Revenue
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