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1995 (8) TMI 15 - HC - Income TaxExtract: .......der of the first appellate court. We are of the view that the approach of the Tribunal does not appear to be erroneous and we hold that the view taken by the Tribunal in the facts and circumstances of the case, is well justified that the firm had no goodwill and the assessee was not liable to pay any gift-tax. The reference is accordingly answered.
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