https://www.taxtmi.com/caselaws?id=70523 A bona fide family arrangement made to settle a real or apprehended dispute among family members, and to preserve peace and avoid litigation, is valid even if every party lacks an established antecedent title. On the stated facts, the arrangement between an assessee and her children was treated as a genuine settlement of controversy over property rights, so the surrender of part of the properties was not a transfer attracting gift-tax. The accompanying valuation issue was also examined by reference to market factors, including rent capitalisation and tenant occupation, and the valuation adopted by the Appellate Assistant Commissioner was confirmed. en-us Mon, 28 Mar 1977 00:00:00 +0530 Mon, 23 Jan 2012 17:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70523 A bona fide family arrangement made to settle a real or apprehended dispute among family members, and to preserve peace and avoid litigation, is valid even if every party lacks an established antecedent title. On the stated facts, the arrangement between an assessee and her children was treated as a genuine settlement of controversy over property rights, so the surrender of part of the properties was not a transfer attracting gift-tax. The accompanying valuation issue was also examined by reference to market factors, including rent capitalisation and tenant occupation, and the valuation adopted by the Appellate Assistant Commissioner was confirmed. Case-Laws Income Tax Mon, 28 Mar 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70523