https://www.taxtmi.com/caselaws?id=196294 The Tribunal ruled that the amount received by the assessee under a family settlement agreement was not taxable as capital gains. It was determined that the settlement did not involve a transfer of a capital asset but rather a partition of family assets to settle conflicting claims and prevent litigation. Citing relevant case law, the Tribunal held that family arrangements are not subject to capital gains tax as they aim to preserve family property and harmony. Consequently, the appeal was allowed in favor of the assessee, emphasizing the non-taxable nature of amounts received under family settlements. en-us Fri, 10 Jul 2015 00:00:00 +0530 Fri, 24 Nov 2017 21:26:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=196294 The Tribunal ruled that the amount received by the assessee under a family settlement agreement was not taxable as capital gains. It was determined that the settlement did not involve a transfer of a capital asset but rather a partition of family assets to settle conflicting claims and prevent litigation. Citing relevant case law, the Tribunal held that family arrangements are not subject to capital gains tax as they aim to preserve family property and harmony. Consequently, the appeal was allowed in favor of the assessee, emphasizing the non-taxable nature of amounts received under family settlements. Case-Laws Income Tax Fri, 10 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=196294