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1986 (5) TMI 45 - AT - Income TaxExtract: .......e of Rs. 5 per share that the tax benefit available by converting the loans into shares was the main objective. Even if the purchase and sale are true enough and real enough, in view of the fact that they are all part of a device, it will be difficult for judicial process to accord its approval to it. 13. In the result, the appeal stands dismissed.
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