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1976 (3) TMI 47 - MADRAS HIGH COURTExtract: ....... in relation to that sale are deductible. In any view of the matter, therefore, no capital gains tax is deductible in determining the value of the assets under section 7. We, accordingly, answer the reference in the negative and against the assessee and the revenue will be entitled to costs. Counsel s fee Rs. 250. Question answered in the negative.
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