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1993 (10) TMI 7 - HC - Income TaxExtract: .......t necessary that the capital owned by the assessee ought to be transferred. In the result, section 60 would not be applicable to the facts of the present case. We, therefore, answer questions Nos. 1, 2 and 3 in the affirmative, in favour of the assessee and against the Revenue. The reference stands disposed of accordingly with no order as to costs.
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