https://www.taxtmi.com/caselaws?id=66797 A relinquishment deed by close family members in favour of their father, executed for cash consideration as part of a bona fide family settlement, was treated as outside the gift-tax net. Where the properties had devolved in equal undivided shares and were not conveniently divisible, the surrounding family circumstances and the object of preserving peace and avoiding disputes supported the character of a genuine family arrangement. In that setting, no element of direct or deemed gift arose, and the consideration could not be treated as inadequate merely because it was below market value. en-us Tue, 13 Apr 1993 00:00:00 +0530 Mon, 07 Mar 2011 14:23:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66797 A relinquishment deed by close family members in favour of their father, executed for cash consideration as part of a bona fide family settlement, was treated as outside the gift-tax net. Where the properties had devolved in equal undivided shares and were not conveniently divisible, the surrounding family circumstances and the object of preserving peace and avoiding disputes supported the character of a genuine family arrangement. In that setting, no element of direct or deemed gift arose, and the consideration could not be treated as inadequate merely because it was below market value. Case-Laws Income Tax Tue, 13 Apr 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66797