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1998 (1) TMI 37 - HC - Income TaxExtract: .......i), (ii) and (iii) of section 49(1) of the Act. In the result, the question is answered in the affirmative, i.e., in favour of the Department and against the assessee. It is held that the cost of acquisition of the property shall be deemed to be the cost for which the property was acquired by purchase by the last previous owner, i.e., the assessee.
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