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1990 (6) TMI 14 - BOMBAY HIGH COURTExtract: .......be held that the income of the assessee is exempt under section 11 of the Income-tax Act, 1961. Once that is so, it has to be further held in view of section 45 of the Gift-tax Act, 1958, that no gift-tax can be levied under the Act. Accordingly, the question of law is answered in the affirmative and in favour of the assessee. No order as to costs.
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