https://www.taxtmi.com/caselaws?id=70261 A bona fide family arrangement made to resolve an existing family dispute and prevent further litigation was treated as a settlement of family claims, not as a taxable gift. Where the payment was genuinely referable to adjustment of family rights and was made to preserve peace and goodwill among relatives, the benefit under the arrangement did not attract gift-tax. On that basis, the payment of Rs. 1 lakh by each assessee was held not exigible to gift-tax, and the assessment was set aside in favour of the assessees. en-us Wed, 02 Jan 1985 00:00:00 +0530 Fri, 15 Apr 2011 11:02:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70261 A bona fide family arrangement made to resolve an existing family dispute and prevent further litigation was treated as a settlement of family claims, not as a taxable gift. Where the payment was genuinely referable to adjustment of family rights and was made to preserve peace and goodwill among relatives, the benefit under the arrangement did not attract gift-tax. On that basis, the payment of Rs. 1 lakh by each assessee was held not exigible to gift-tax, and the assessment was set aside in favour of the assessees. Case-Laws Income Tax Wed, 02 Jan 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70261