https://www.taxtmi.com/caselaws?id=70506 A bona fide oral family arrangement that merely realigns shareholdings among close family branches to preserve harmony and avoid disputes does not amount to a transfer under section 2(47) of the Income-tax Act, 1961. The Tribunal applied the settled principle that family arrangements may be oral, need not be registered where no present interest in immovable property is created, and are construed broadly when intended to resolve family friction. On those facts, the share reorganisation was treated as a genuine family settlement and no capital gains tax was exigible. en-us Tue, 26 Jul 2005 00:00:00 +0530 Thu, 25 Apr 2024 10:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70506 A bona fide oral family arrangement that merely realigns shareholdings among close family branches to preserve harmony and avoid disputes does not amount to a transfer under section 2(47) of the Income-tax Act, 1961. The Tribunal applied the settled principle that family arrangements may be oral, need not be registered where no present interest in immovable property is created, and are construed broadly when intended to resolve family friction. On those facts, the share reorganisation was treated as a genuine family settlement and no capital gains tax was exigible. Case-Laws Income Tax Tue, 26 Jul 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70506