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1985 (12) TMI 106 - ITAT DELHI-BExtract: .......gains on surrender of its 1000 shares for a consideration of Rs. 40,000. The ITO will be justified to assess the assessee in respect of short-term capital gains but there was no justification on his part to have subjected as sum of Rs. 40,000 as deemed dividend income. 5. Subject to observations as above the appeal filed by the Revenue is rejected.
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