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1981 (9) TMI 162 - ITAT CALCUTTA-CExtract: .......ssessee at Rs. 50,000. 8. Having regard to the totality of the circumstances, we hold that the lower authorities were not justified in holding that the sale of the paintings attracted capital gains. The case relied on by the learned departmental representative does not apply to the facts of the present case. 9. In the result, the appeal is allowed.
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