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1995 (3) TMI 139 - AT - Income TaxExtract: .......ion when certain shares were allotted to the partners. There is no element of gift at all when the shares of the three appellants were reduced. The relinquishment or the reduction cannot be specifically assigned in favour of the new partners or the minors. 13. In the result, all the three appeals stand allowed and the levy of gift tax is cancelled.
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