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1974 (12) TMI 11 - HC - Income TaxExtract: ....... in view of the meanings given to the expression gift , transfer of property , and property in the Gift-tax Act, we have no hesitation in holding that the gift in question is a gift in praesenti and not in futuro. The question referred to us is, therefore, answered in the negative and in favour of the department. There will be no order as to costs.
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