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1995 (3) TMI 152 - AT - Income TaxExtract: .......le in the case of bona fide transfers . 11. We, therefore, hold that assessee is not liable to tax u/s 45 in respect of the transfer of assets to SIPL effected by way of exchange of the assets. 12. As a result of our above findings, the appeal of the assessee is partly allowed and in the circumstances of the case, appeal of the revenue is dismissed
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