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1987 (11) TMI 150 - ITAT MADRAS-CExtract: .......ship carried on business and the new partners also shared the resultant losses. We are, there fore, convinced that the facts of the cases do not justify the conclusion of the GTO that there was any deemed gift under s. 4(1)(a) or 4(1)(c) of the GT Act. His order is, therefore, annulled. 7. The appeal is dismissed and the cross objection is allowed.
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