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1971 (9) TMI 34 - HC - Income TaxTransfer of shares to wife and children before declaring dividend – whether transfer is to avoid tax - Whether Income-tax Officer was justified in applying the provisions of section 94(2) – Held, yes - Whether assessee was entitled to the benefit of the provisions of section 94(3)(b) of the Income-tax Act, 1961 which says that the provisions of s. 94(2) would apply only if the avoidance of income-tax was exceptional and not systematic or regular practice of assessee – Held, yes
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