https://www.taxtmi.com/caselaws?id=62815 A bona fide family settlement among related co-owners, made to avoid present or future disputes and preserve family harmony, was not treated as a deemed gift under section 4(1)(c) of the Gift-tax Act. The affidavits of the co-sharers and an independent witness, together with the memorandum of agreement, supported the genuineness of the arrangement, and no contrary material was produced to discredit that evidence. Applying the principle that the apparent state of affairs must be accepted unless rebutted, the arrangement was upheld as a genuine family settlement outside the charging provision, and the addition treating the surrender as a deemed gift was deleted. en-us Fri, 24 May 1985 00:00:00 +0530 Fri, 21 Jan 2011 18:47:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62815 A bona fide family settlement among related co-owners, made to avoid present or future disputes and preserve family harmony, was not treated as a deemed gift under section 4(1)(c) of the Gift-tax Act. The affidavits of the co-sharers and an independent witness, together with the memorandum of agreement, supported the genuineness of the arrangement, and no contrary material was produced to discredit that evidence. Applying the principle that the apparent state of affairs must be accepted unless rebutted, the arrangement was upheld as a genuine family settlement outside the charging provision, and the addition treating the surrender as a deemed gift was deleted. Case-Laws Income Tax Fri, 24 May 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62815