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1987 (1) TMI 78 - HC - Income TaxExtract: .......ances, viewed from any angle, there is no escape from the conclusion that section 2(47) was attracted and that the amount of Rs. 50,000 received by the assessee was liable to be taxed under the head Capital gains . In the result, the question is answered in the affirmative and against the assessee. The applicant to bear the costs of this reference.
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