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2008 (12) TMI 801 - HC - Wealth-taxExtract: .......tent of value of bonus shares, gift tax was clearly attracted. The Tribunal was not, thus, justified in holding that value of bonus shares in the hands of the donee after the gift was revoked could not be taxed under the Act. 5. In view of above, we allow this appeal and set aside the order of the Tribunal and restore that of the Assessing Officer.
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