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1996 (12) TMI 101 - AT - Income TaxExtract: .......For these reasons we hold that the assessment to gift-tax cannot be sustained. We cancel the same. 14. In the view we have taken we do not consider it necessary to decide the alternative argument addressed by Dr. Pal on the basis of section 5(1)(xiv) that the gift having been made in the course of the business, is exempt. 15. The appeal is allowed.
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