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1994 (12) TMI 138 - ITAT MADRAS-AExtract: .......is a fit case where the capital gains should be brought to tax and we hold that the transactions, if not sham, were definitely colourable device to avoid the taxes arising on long-term capital gains. Hence, we reverse the orders of the CIT(A) and restore the orders of the Assessing Officer. 14. In the result, the appeals by the Revenue are allowed.
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