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1989 (11) TMI 322 - ITAT MADRASExtract: .......GT v. A.A. Annamalai Nadar 1978 113 ITR 574 the Madras High Court held that when there was capital contribution by the new partners inducted into the partnership firm, there was no element of gift. 6. We consider that the assessment to gift-tax is not justified in the facts and circumstances of the case. The same is annulled. The appeal is allowed.
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