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1994 (7) TMI 49 - HC - Income TaxExtract: .......not carried on any business during the year 1982-83 when the sale of the property was effected. In view of the above, we are of the view that the Income-tax Appellate Tribunal was right in holding that the firm stood dissolved and further in holding that the capital gains arising from the sale of property is not chargeable in the hands of the firm.
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