1993 (1) TMI 20

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..... tax Act, 1961 : "(1) Whether, on the facts and in the circumstances of the case, even if gift-tax is levied on the difference between the alleged fair market value and the actual sale price, still, in law, capital gains tax also can be levied on the said amount ? (2) Whether, on the facts and in the circumstances of the case, the provisions of section 52(2) of the Income-tax Act could be appli .....

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..... Question No. 1 has been referred at the instance of the assessee whereas questions Nos. 2, 3 and 4 have been referred at the instance of the Revenue. We need not state the facts as in view of the decision of the Supreme Court in K. P. Varghese v. ITO [1981] 131 ITR 597, questions Nos. 2, 3 and 4 are required to be answered in the affirmative, i.e., in favour of the assessee and against the Reve .....

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