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1990 (7) TMI 170 - ITAT HYDERABAD-AExtract: .......family settlement which does not amount to a transfer. As such, there will be no liability to gift-tax as far as this amount is concerned. We accordingly reverse the orders of the lower authorities and hold that the above sum of Rs. 1.50 lakhs should be excluded from the taxable gifts made by the assessee during the year. 13. The appeal is allowed.
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