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1982 (4) TMI 148 - AT - Income TaxExtract: .......property by one person to another without adequate consideration, the question of application of section 4(1)(a) would arise for consideration. When there is no transfer, there can be no deemed gift whatsoever. We, therefore, hold that the assessment made in this case is not warranted in law. It is, accordingly, cancelled. 4. The appeal is allowed.
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