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1978 (1) TMI 64 - HC - Income TaxExtract: ....... we answer the reference in the negative. The Income-tax Appellate Tribunal on the facts and in the circumstances of the case was not right in holding that the thirty preference shares of the company were allotted to the assessee in the nature of a gift. In the circumstances of the case the parties are, however, left to bear their respective costs.
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