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1994 (10) TMI 27 - HC - Income TaxExtract: .......r to question No. 2 is that when the assessee transferred his share to the partnership firm he received no consideration within the meaning of section 48 of the Income-tax Act, 1961, nor did any profit or gain accrue to him for the purpose of section 45 of the Income-tax Act, 1961. The reference is accordingly disposed of with no order as to costs.
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