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1971 (8) TMI 19 - SUPREME COURTTrust received gifts (shares) - we answer the questions referred to the High Court in the affirmative and in favour of the assessee - gifted shares were vested in the trustees and the trust was entitled to the dividends - as per 4(3)(i) of Indian Income-tax Act, 1922, the dividends were exempt from tax and the trust was entitled to the refund
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