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1971 (8) TMI 65 - HC - Income TaxIn section 2(47) "transfer" in relation to capital asset has been defined. It includes the sale, exchange or relinquishment of the asset or the extinguishment of any rights therein or the compulsory acquisition thereof under any law. And since "transfer" is independent of any other word in section 12B(1) preceding it and is of the widest import, we cannot accept the alternative argument of Mr. Pal that "transfer" in section 12B(1) involves a bilateral transaction. Our answer to the question in this reference is in the affirmative and in favour of the department.
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