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1985 (11) TMI 76 - ITAT BOMBAY-BExtract: .......e assessees got the land under a gift deed within the meaning of section 49(1)(ii) of the Act. The land was held by the donor and her predecessors for nearly 30 years or more and, therefore, the capital gains would be long-term capital gains and not short-term capital gains. We reverse the finding in this regard. 16. The appeals are partly allowed.
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