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2000 (9) TMI 69 - SC - Income TaxExtract: .......f there is, in such a case, a transfer of that asset by the partnership to the individual partner. Where such transfer is for less than the value of that asset, there is a deemed gift to the-extent of the difference under the provisions of section 4(1)(a) of the Gift-tax Act, 1958. In the result, the civil appeal is dismissed. No order as to costs.
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