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2006 (3) TMI 671 - AT - Income TaxExtract: .......not gift within the meaning of section 2(xii) of the Gift-tax Act. We therefore set aside and cancel the assessment made by the Assessing Officer treating the amount of Rs. 1,50,000 given by the assessee to Smt. P. Sarada and her daughters as a gift under the Gift-tax Act. 8. In the result, the assessee rsquo s appeal is allowed. Order accordingly.
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