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1991 (3) TMI 49 - KARNATAKA HIGH COURTExtract: ............ e reconstitution of the firm amounts to a gift or a deemed gift and is taxable under the Gift-tax Act ? The question is covered by the decision of this court in D. C. Shah v. CG T 1982 134 ITR 492. Accordingly, it is held that it is not gift and not taxable. The question is answered against the Revenue. Reference answered accordingly.
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