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1997 (3) TMI 72 - HC - Income TaxExtract: .......n of the personal asset of a partner to the capital of the firm at the time of constitution of the firm. The said question is accordingly answered in the affirmative and against the assessee. As the first question is answered in favour of the assessee, the contribution of the gift by the petitioner to the firm is not taxable under the Gift-tax Act.
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