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1987 (12) TMI 91 - AT - Income Tax
Extract:
.......rior to 1st Jan., 1964 by substituting the fair market value of those shares as on 1st Jan., 1964. There may be some difficult in arriving at the fair market value as on 1st Jan., 1964, but that has been dealt with separately, which I think is quite proper on the facts in this case to adopt. I entirely endorse all the other reasons and conclusions.