https://www.taxtmi.com/caselaws?id=177030 A family arrangement treated as a partition or settlement among family members does not amount to a transfer in law because each member already has an antecedent title in the family property and the arrangement merely crystallises their respective rights. On that basis, a transfer of shares under such an arrangement does not attract deemed gift under Section 4(1) of the Gift-tax Act, and the question of whether consideration is adequate or inadequate does not arise once no transfer is found. The Tribunal's view that no deemed gift arose was therefore upheld, and the appeals failed. en-us Mon, 06 Sep 2010 00:00:00 +0530 Fri, 01 Jan 2016 17:52:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177030 A family arrangement treated as a partition or settlement among family members does not amount to a transfer in law because each member already has an antecedent title in the family property and the arrangement merely crystallises their respective rights. On that basis, a transfer of shares under such an arrangement does not attract deemed gift under Section 4(1) of the Gift-tax Act, and the question of whether consideration is adequate or inadequate does not arise once no transfer is found. The Tribunal's view that no deemed gift arose was therefore upheld, and the appeals failed. Case-Laws Income Tax Mon, 06 Sep 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177030