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2005 (1) TMI 613 - AT - Income TaxExtract: .......ow that the subsequent sale is also for an inadequate consideration. I, therefore, do not approve the action of the Assessing Officer in denying the exemption under sections 11 and 12 of the Act and also subjecting the assessee to tax at maximum marginal rate. The Assessing Officer is directed accordingly. 8. In the result, the appeals are allowed.
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