https://www.taxtmi.com/caselaws?id=207454 A settlement recorded before an arbitrator showed reciprocal obligations: one group relinquished and waived rights in certain properties and in the balance price receivable by the company, while the company assigned its rights in the properties covered by the settlement. On that basis, the arrangement disclosed real consideration flowing between the parties, and the Tribunal's view that consideration was wholly absent could not stand. The transaction was therefore not liable to be treated as a gift merely because of alleged absence of consideration, and the issue was decided in favour of the assessee and against the Revenue. en-us Tue, 27 Apr 2010 00:00:00 +0530 Sat, 15 Dec 2012 10:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=207454 A settlement recorded before an arbitrator showed reciprocal obligations: one group relinquished and waived rights in certain properties and in the balance price receivable by the company, while the company assigned its rights in the properties covered by the settlement. On that basis, the arrangement disclosed real consideration flowing between the parties, and the Tribunal's view that consideration was wholly absent could not stand. The transaction was therefore not liable to be treated as a gift merely because of alleged absence of consideration, and the issue was decided in favour of the assessee and against the Revenue. Case-Laws Income Tax Tue, 27 Apr 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=207454