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1989 (7) TMI 22 - HC - Income TaxExtract: .......talal Mohanlal 1974 97 ITR 393, that no gift was made by the assessee to the minors. The Tribunal should reconsider the matter and while doing so, it should examine whether the contributions of Rs. 4,000 by each of the minors towards the capital of the firm was adequate consideration for the shares which were allotted to them. No order as to costs.
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