(a)Mr. Ram, Mr. Shyam, Mr. Madhav and Mr. Shri are friends were owning an Amusement Park together which they transferred to ABC Exciting Park Ltd. Co. and claimed exemptions from ad valorem duty on transfer of property to the Company. (i) Can they claim exemption since transfer of property is in the company which belongs to them only? (ii) Explain the principle applicable to decide the matter. (iii) State the case law for the same.
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