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1987 (11) TMI 141 - ITAT MADRAS-AExtract: .......ties might be vulnerable to the discharge of the debts of the family members. It follows that the transfer of property by the assessees to the trustees of the creditors was not a transfer without consideration and hence it cannot be regarded as a gift eligible to gift-tax. We, accordingly, annul the gift-tax assessments. 4. The appeals are allowed.
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