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2007 (8) TMI 378 - AT - Income TaxExtract: .......ttlement dt. 7th Oct., 1997 is not a deemed gift within the meaning of s. 4(1)(a) or 4(1)(d) of the Act. 8. The assessee has raised another issue in respect of the valuation. As we have held that there is no taxable gift under the GT Act, in our opinion, the issue of valuation becomes infructuous. 9. In the result, the assessee s appeal is allowed.
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