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1997 (1) TMI 116 - AT - Income TaxExtract: .......appreciation of law. 7. In the light of above discussion, we reverse the findings of the authorities below and hold that the assessee Trust is a genuine charitable Trust entitled to exemption under ss. 11 and 12 of the Act and further it is not liable to pay tax on capital gains during the year under appeal. 8. In the result, the appeal is allowed.
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