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2015 (2) TMI 68 - HC - Income TaxCapital gain on transfer of beneficial interest in the trust - Held that:- CIT(A) rightly held that taking 1/34 share will be improper as this is not the cost to the previous owner i.e. settler as far as appellant are concerned. Therefore, we are of the considered opinion that no capital gains can be levied on the assesees. The question of law involved in these appeals is answered in favour of the assessee and against the revenue. Therefore, we hold that the Tribunal was not right in holding that the capital gain is chargeable to tax on transfer of beneficial interest in the trust. - Decided in favour of assessee.
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