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1994 (6) TMI 25 - AT - Income TaxExtract: .......nership for business consideration and even if deemed gift involved, it would be exempt under s. 5(1)(xiv) of the Act. Considering all the facts and circumstances discussed, we hold that assessment on deemed gift of Rs. 1,42,000 in the hands of the assessee was not justified and the same is hereby cancelled. 8. In the result, the appeal is allowed.
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