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1985 (8) TMI 64 - HC - Income TaxExtract: .......clear that the shares of the company ultimately allotted to the assessee may be capital and may or may not be of any value but the acquisition of the same has no nexus with the extinguishment of the debt of the Rivers Steam Navigation Co. Ltd. to the assessee. In the facts and circumstances, there will be no order as to costs. G. N. RAY J.-I agree.
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