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1980 (9) TMI 49 - HC - Income TaxExtract: .......e. In view of this finding, the profit earned by the assessee on the surrender of the bonds was rightly held by the Tribunal as liable to be taxed as capital gains. Our answer to the third question is, therefore, in the affirmative and against the assessee. The reference is answered accordingly. Parties shall bear their own costs in this reference.
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