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1979 (6) TMI 129 - MADRAS HIGH COURTExtract: .......ent of the asset or the extinguishment of any rights therein cannot apply. It will consequently follow that there is no transfer as contemplated by s. 2(47) attracting the liability under s. 45 also. Following these decisions, we answer the question referred to us in the affirmative and in favour of the assessee. There will be no order as to costs.
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