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1972 (3) TMI 10 - HC - Income TaxApplicability of proviso to section 12B (2) - sale of shares - There was nothing to suggest that the sales were made to avoid or reduce tax liability - The proviso is, part of the machinery or computation provision and deals with cases of under-statement of the consideration and it is not intended to impose a tax on a deemed or fictional basis - conclusion of the Tribunal that the first proviso to sub-section (2) of section 12B of the Income-tax Act, 1922, was applicable is not correct
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