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1989 (3) TMI 97 - HC - Income TaxExtract: .......he Supreme Court in Kartikey V. Sarabhai s case 1985 156 ITR 509, to be that the Tribunal was right in holding that the handing over of the capital asset to the firm amounted to a transfer, but no capital gains liable to income-tax accrued to the assessee thereby. This reference is answered accordingly. There will, however, be no order as to costs.
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