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2006 (9) TMI 348 - AT - Income TaxExtract: .......taxable event. 16. In view of the above discussion, it is held that transfer of shares did not take place in the year under consideration. Consequently, the provisions of section 45 of the Act could not be applied. The orders of Learned CIT (Appeals) in all the cases are therefore upheld. 17. In the result, the appeals of the revenue are dismissed.
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