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The ITAT ruled that settlement deeds executed between the appellant and his brother constituted a family arrangement rather than a taxable transfer under s. 2(47) r.w.s 45/48 of the Income Tax Act. The Tribunal held that the CIT(A) erred in treating the simultaneous settlement deeds as an exchange transaction subject to capital gains tax. The ITAT determined that these settlement deeds, executed to prevent future disputes, were independent transactions properly characterized as settlements by stamp duty authorities. The Tribunal concluded that such family settlements fall within the exception provided under s. 47(iii), thereby negating capital gains tax liability. Relying on precedents from the SC and Madras HC regarding family arrangements, the ITAT allowed the appellant's appeal and deleted the capital gains addition.
The ITAT ruled that settlement deeds executed between the appellant and his brother constituted a family arrangement rather than a taxable transfer under s. 2(47) r.w.s 45/48 of the Income Tax Act. The Tribunal held that the CIT(A) erred in treating the simultaneous settlement deeds as an exchange transaction subject to capital gains tax. The ITAT determined that these settlement deeds, executed to prevent future disputes, were independent transactions properly characterized as settlements by stamp duty authorities. The Tribunal concluded that such family settlements fall within the exception provided under s. 47(iii), thereby negating capital gains tax liability. Relying on precedents from the SC and Madras HC regarding family arrangements, the ITAT allowed the appellant's appeal and deleted the capital gains addition.
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