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1980 (2) TMI 28 - HC - Income TaxExtract: .......For the reasons given above, we answer the questions referred as follows (1) The Tribunal was right in holding that neither s. 52(1) nor s. 52(2) was applicable. (2) The Tribunal was right in its conclusion that the assessee was not liable to pay tax on the capital gains amounting to Rs. 56,462. There will be no order as to costs of this reference.
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