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2005 (2) TMI 913 - HC - Income TaxExtract: .......pt not exigible to capital gains tax as no transfer of any property was involved within the meaning of Section 2(47) of the IT Act. Instead, we hold by answering the question that amount of Rs. 7,34,000 is a capital receipt exigible to capital gains tax as it involved transfer of property within the meaning of Section 2(47) of the IT Act. No costs.
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