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1988 (7) TMI 122 - ITAT MADRAS-AExtract: .......e the income that could be assessed in the hands of the beneficiary. There can be no other income which is liable to tax. In this view we find that the assessment in the present case was misconceived. We, therefore, set aside the assessment and direct the Income-tax Officer to frame fresh assessment in accordance with law. 10. The appeal is allowed
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