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2001 (7) TMI 18 - HC - Income TaxExtract: ....... also no dispute that the sale transactions were effected to absolute strangers. In view of this finding, the ratio of the apex court s decision in K.P. Varghese v. ITO 1981 131 ITR 597 has full application. Accordingly, the question is answered in the affirmative, in favour of the assessee and against the Revenue. The reference stands disposed of.
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