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2003 (9) TMI 16 - HC - Income TaxGift-tax Act, 1958 - "1. Whether, Tribunal should have upheld that deemed gift theory was not applicable to the sale of the unquoted shares made on compelling circumstances, which are amply established by the petitioner? - 2. Whether, Tribunal was wrong in upholding the application of wealth-tax valuation in the place of valuation as per the yield method, with regard to the sale of unquoted shares?" - We answer the first question referred in the negative, i.e., in favour of the Revenue and against the assessee. We answer the second question in the affirmative, i.e., in favour of the assessee and against the Revenue.
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