https://www.taxtmi.com/caselaws?id=178343 The Tribunal held that a valid family arrangement does not constitute a transfer under Sec. 2(47) of the I.T. Act, therefore no chargeable capital gains arise from readjustment of rights settled through such an arrangement. Relying on precedent, the Tribunal concluded that family arrangements do not attract capital gains tax. The family settlement was deemed a means to resolve disputes without asset transfer. Consequently, the amount received under the family settlement was not subject to capital gains tax, leading to the deletion of additions made by lower authorities. The assessee's appeal was allowed. en-us Fri, 30 Apr 2010 00:00:00 +0530 Tue, 02 Feb 2016 16:15:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=178343 The Tribunal held that a valid family arrangement does not constitute a transfer under Sec. 2(47) of the I.T. Act, therefore no chargeable capital gains arise from readjustment of rights settled through such an arrangement. Relying on precedent, the Tribunal concluded that family arrangements do not attract capital gains tax. The family settlement was deemed a means to resolve disputes without asset transfer. Consequently, the amount received under the family settlement was not subject to capital gains tax, leading to the deletion of additions made by lower authorities. The assessee's appeal was allowed. Case-Laws Income Tax Fri, 30 Apr 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178343