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1995 (3) TMI 149 - AT - Income TaxExtract: .......ted with the assessee. Nothing in law prevented the assessee from striking a bargain with the seller at a price which may look foolish in the eyes of others. Looked at from any angle, we hold that the transaction does not attract any of the provisions of GT Act. We, therefore, cancel the gift-tax assessment. 4. In the result, the appeal is allowed.
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