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2005 (2) TMI 105 - HC - Income TaxExtract: .......apital gains tax as no transfer of any property was involved within the meaning of section 2(47) of the Income-tax Act. Instead, we hold by answering the question that the amount of Rs. 7,34,000 is a capital receipt exigible to capital gains tax as it involved transfer of property within the meaning of section 2(47) of the Income-tax Act. No costs.
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