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1987 (9) TMI 30 - HC - Income TaxExtract: ....... reserve is for consideration and that there was no gift within the meaning of section 2(xii) read with section 4(1)(c) of the Gift-tax Act. in other words, the answer to the aforesaid question is in the affirmative, infavour of the assessee and against the Department. In the circumstances of the case, there shall, however, be no order as to costs.
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