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1982 (10) TMI 96 - ITAT MADRAS-AExtract: .......ll be deemed to be the gift made by the transferor . . . Thus, the Madras High Court pointed out how unsafe it would be to go merely by the market value for purpose of invoking the provisions of section 4(1)(a) without establishing motive of evasion of tax. 14. We, therefore, reverse the orders passed by the authorities below and allow this appeal.
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