https://www.taxtmi.com/caselaws?id=63135 A bona fide family settlement re-arranging co-owned property rights to prevent future disputes and preserve family peace is a recognised mode of resolving actual or potential family conflict, and the surrender of rights under such settlement does not, by itself, constitute a deemed gift. Where affidavits, witness support and the settlement memorandum show genuineness, and the tax authority produces no contrary evidence, the apparent state of affairs is accepted. On those facts, section 4(1)(c) of the Gift-tax Act was not attracted and the deemed-gift addition could not stand. en-us Fri, 24 May 1985 00:00:00 +0530 Fri, 28 Jan 2011 10:12:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63135 A bona fide family settlement re-arranging co-owned property rights to prevent future disputes and preserve family peace is a recognised mode of resolving actual or potential family conflict, and the surrender of rights under such settlement does not, by itself, constitute a deemed gift. Where affidavits, witness support and the settlement memorandum show genuineness, and the tax authority produces no contrary evidence, the apparent state of affairs is accepted. On those facts, section 4(1)(c) of the Gift-tax Act was not attracted and the deemed-gift addition could not stand. Case-Laws Income Tax Fri, 24 May 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63135