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1977 (6) TMI 13 - BOMBAY HIGH COURTExtract: .......ing period the assessee had no right to receive the profits. His right to receive the sum of Rs. 1,50,000 was only going to arise or accrue either on retirement or on death in the manner provided by the indenture. That being the position the question of levying tax on capital gains will never arise. In the result, the rule is discharged with costs.
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