712/CBDT.

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Full Text of the Document

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....al gains liability which may accrue on the proposed sale or transfer. 2. The scope of the words 'existing liability' occurring in Section 230A of the Income-tax Act, 1961 has been explained in the Board's Instruction No. 481 dated 25th November, 1972. It has been clarified in this instruction that the expression 'existing liability' occurring in clause (a) of sub-section (1) of section 230A would....