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1993 (8) TMI 61 - HC - Income TaxExtract: .......he gift made by Mr. Govind Ghanekar to his wife were revocable gifts within the meaning of section 61 of the Income-tax Act, 1961. The question referred to us is, therefore, answered in the affirmative, i.e., in favour of the Revenue and against the assessee. Under the facts and in the circumstances of the case, there shall be no order as to costs.
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