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1997 (12) TMI 50 - GUJARAT HIGH COURTExtract: .......50 on the sale of the jewellery by the assessee to its 12 wholly owned subsidiary companies was not liable to gift-tax under the provisions of the said Act. The question referred to us is, therefore, answered in the negative, in favour of the Revenue and against the assessee. The reference stands disposed of, accordingly, with no order as to costs.
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