https://www.taxtmi.com/caselaws?id=69936 A family arrangement among co-owners was examined for deemed gift liability under the Gift-tax Act. The text states that a deemed gift arises only if the element of bounty, and its extent, is clearly established; on the stated facts, the arrangement merely adjusted inter se rights and no demonstrable bounty was shown. It further notes that the valuation differences relied on by the revenue were too imprecise to sustain a gift-tax charge. The settlement was treated as a bona fide family arrangement recognising and defining pre-existing rights, and was said not to attract gift-tax liability. en-us Wed, 30 Jun 1982 00:00:00 +0530 Wed, 13 Apr 2011 10:15:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69936 A family arrangement among co-owners was examined for deemed gift liability under the Gift-tax Act. The text states that a deemed gift arises only if the element of bounty, and its extent, is clearly established; on the stated facts, the arrangement merely adjusted inter se rights and no demonstrable bounty was shown. It further notes that the valuation differences relied on by the revenue were too imprecise to sustain a gift-tax charge. The settlement was treated as a bona fide family arrangement recognising and defining pre-existing rights, and was said not to attract gift-tax liability. Case-Laws Income Tax Wed, 30 Jun 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69936