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2011 (8) TMI 847 - BOMBAY HIGH COURTAddition - assessing officer was of the opinion that the transaction was a colourable device to evade capital gains tax and also to gift Rs.54 lakhs to her son Shri Murlidhar S. Bajaj without attracting the provisions of the Gift Tax Act - Held that: Once in the income-tax proceedings, it is accepted that the transactions are genuine and bona fide, the additions made in the proceedings under the Gift Tax Act on the footing that the transaction was a colourable device cannot be accepted - Decided in favor of the assessee
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