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2006 (12) TMI 263 - AT - Income TaxExtract: .......ng to tax any deemed gift in the hands of the assessee. We, therefore, hold that the action of the revenue authorities in bringing to tax in gift under the provisions of section 4(1)(a ) of the Act was not property. The same is directed to be deleted and the appeal of the assessee is allowed. 9. In the result, the appeal by the assessee is allowed.
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