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1991 (1) TMI 227 - ITAT MADRAS-DExtract: .......clusion is that, the consideration for the transfer of the business of the going concern by issue of shares of equal value has not-been established to be inadequate and, therefore, there could be no deemed gift under section 4(1)(a) of the Gift-tax Act. The assessment bringing to tax such a deemed gift is, therefore, annulled. The appeal is allowed
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