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1997 (11) TMI 39 - HC - Income TaxExtract: .......ax Officer was not correct in holding that there was underassessment of a taxable gift. Therefore, the Gift-tax Officer has no valid jurisdiction to reopen the assessment. Accordingly, we answer the common question of law referred to us in the affirmative and against the Revenue. There will be no order as to costs, in the circumstances of the case.
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