Liability of transferees of properties in certain cases

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Full Text of the Document

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....e to be included in the net wealth of an individual, the person in whose name such assets stand shall, notwithstanding anything contained in any law to the contrary, be liable, on the service of a notice of demand by the ^1[Assessing Officer] in this behalf, to pay that portion of the tax assessed on the assessee as is attributable to the value of the asset stand­ing in his name as aforesaid: ....