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1973 (2) TMI 41 - PUNJAB AND HARYANA HIGH COURTShares are transferred at less than fair market value to persons connected with the assessee - (1) Whether, on the facts and circumstances of the case, the transaction was properly subjected to gift-tax under section 4(1)(a) of the Gift-tax Act ? (2) Whether, on the facts and circumstances of the case, the transaction was liable to be taxed under section 52(1) of the Income-tax Act ? (3) Whether, on the facts and circumstances of the case, the transaction was liable to simultaneous taxation to gift-tax as well as to tax on capital gains? "
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