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1996 (4) TMI 67 - MADRAS HIGH COURTExtract: .......rred assets in favour of the trusts cannot be assessed to tax in the hands of the assessee. In that view of the matter, we answer the first question referred to us in the affirmative and against the Department. In so far as question No. 2 is concerned, it does not arise out of the order of the Tribunal. Accordingly, no answer is provided. No costs.
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