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1988 (2) TMI 52 - HC - Income TaxExtract: .......gift and that view cannot be said to be unreasonable or perverse. Hence, we agree with the conclusion of the Tribunal and hold that the transaction in question is only an exchange. In the result, the two questions referred are answered in the affirmative and against the Revenue. The Revenue will pay the costs of the assessee. Counsel s fee Rs. 500.
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