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1999 (1) TMI 14 - HC - Income TaxExtract: ....... the assessee on October 30, 1975, was the return of the same gift made to him by his wife earlier on February 3, 1972, and as such, section 5(3) of the Gift-tax Act, as it stood in the statute book at the relevant period of assessment, is applicable. In the circumstances, the reference is ordered in the negative and against the assessee. No costs.
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