https://www.taxtmi.com/caselaws?id=66447 A bona fide family settlement made to resolve disputes, avoid litigation and preserve family peace was treated as an adjustment of pre-existing rights, not a gratuitous transfer. Reallocation or relinquishment of shares among family members was supported by sufficient consideration through mutual adjustment of interests, and each party derived benefit from the independent title recognised by the others. On that basis, the foregone shares did not amount to a deemed gift under section 4(1) of the Gift-tax Act, 1958, the gift-tax assessments were cancelled, and the departmental appeals failed. en-us Thu, 29 Mar 1984 00:00:00 +0530 Thu, 24 Feb 2011 17:15:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66447 A bona fide family settlement made to resolve disputes, avoid litigation and preserve family peace was treated as an adjustment of pre-existing rights, not a gratuitous transfer. Reallocation or relinquishment of shares among family members was supported by sufficient consideration through mutual adjustment of interests, and each party derived benefit from the independent title recognised by the others. On that basis, the foregone shares did not amount to a deemed gift under section 4(1) of the Gift-tax Act, 1958, the gift-tax assessments were cancelled, and the departmental appeals failed. Case-Laws Income Tax Thu, 29 Mar 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66447