https://www.taxtmi.com/caselaws?id=247957 An unregistered family arrangement may be recognised in tax proceedings only if its bona fide character and actual implementation are proved by reliable evidence; in the absence of such proof, the sale proceeds remain assessable in the hands of the person shown to have received them. The claimed indexation from 1.4.1981 was rejected because prior ownership was not established by material evidence, and exemption under section 54F failed because the assessee owned more than one residential house and the alleged partition was not proved to have operated. The plea to confine capital gains to 40% of the consideration was also rejected, as the record did not support that restriction. en-us Fri, 17 Jan 2014 00:00:00 +0530 Sat, 05 Mar 2016 11:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=247957 An unregistered family arrangement may be recognised in tax proceedings only if its bona fide character and actual implementation are proved by reliable evidence; in the absence of such proof, the sale proceeds remain assessable in the hands of the person shown to have received them. The claimed indexation from 1.4.1981 was rejected because prior ownership was not established by material evidence, and exemption under section 54F failed because the assessee owned more than one residential house and the alleged partition was not proved to have operated. The plea to confine capital gains to 40% of the consideration was also rejected, as the record did not support that restriction. Case-Laws Income Tax Fri, 17 Jan 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=247957