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1996 (3) TMI 66 - HC - Income TaxExtract: .......icable by the Income-tax Officer in levying capital gains tax. In this process, we see that there is no reason for the Tribunal to conclude that there is no transfer at all and the assessee is not liable to capital gains tax. In that view of the matter, we answer the question referred to us in the negative and in favour of the Department. No costs.
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