https://www.taxtmi.com/caselaws?id=70161 The Appellate Tribunal ITAT Madras-C ruled in a case involving a release deed executed by daughters and a widow as co-owners of a deceased individual's estate. The Tribunal determined that the release deed was not a gift but a settlement with consideration, as the deceased had already provided for the daughters and wife during his lifetime. The Tribunal set aside the lower authorities' decisions, ordering a fresh assessment by the Gift Tax Officer and emphasizing the reassessment of estate duty liability and tax implications. The judgment allowed the appeals in part, granting the assessees a partial success in contesting the initial assessments. en-us Wed, 14 Jun 1978 00:00:00 +0530 Thu, 14 Apr 2011 16:44:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70161 The Appellate Tribunal ITAT Madras-C ruled in a case involving a release deed executed by daughters and a widow as co-owners of a deceased individual's estate. The Tribunal determined that the release deed was not a gift but a settlement with consideration, as the deceased had already provided for the daughters and wife during his lifetime. The Tribunal set aside the lower authorities' decisions, ordering a fresh assessment by the Gift Tax Officer and emphasizing the reassessment of estate duty liability and tax implications. The judgment allowed the appeals in part, granting the assessees a partial success in contesting the initial assessments. Case-Laws Income Tax Wed, 14 Jun 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70161