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1976 (1) TMI 29 - HC - Income TaxExtract: .......s that we are of the view that the Tribunal was right in law in holding that the capital gain earned by the assessee was exempt from tax under section 54. The question referred to us is, therefore, answered in the affirmative and in favour of the assessee and against the revenue. The Commissioner will pay the costs of the reference to the assessee.
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