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2000 (11) TMI 29 - MADRAS HIGH COURTExtract: ....... be taken to be a transfer within the meaning of section 2(47) of the Income-tax Act, 1961, and whether the said sum can be taken as capital gain either in the year of mortgage or in the year of foreclosure, is answered by holding that it can be taken as transfer only in the year of foreclosure and not in the year in which the mortgage was created.
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