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2008 (8) TMI 7 - HC - Income TaxHUF - agreement for sale dated 24.06.77 was substituted by the collaboration agreement dated 6.10.81 & the agreement to sell dated 6.10.81- There was no interest, much less, any right transferred in the property in favour of SSPL by the assessees - and hence, there was no transfer of a right in property as contemplated u/s 2 (47) - Tribunal was right in holding that there was no transfer of a capital asset within the meaning of Section 2(47) and hence no capital gain has arisen to the assessee
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