https://www.taxtmi.com/caselaws?id=16106 A court-approved family arrangement involving surrender of life interest was treated as bona fide where the division of properties was supported by actuarial valuation and sanctioned in related proceedings, so section 4(1)(c) of the Gift-tax Act, 1958 did not apply. The Tribunal also found, on the material and accepted valuation, that the properties received matched the surrendered interest, making the transfer one for adequate consideration and excluding section 4(1)(a). On those facts, no deemed gift arose under the relevant gift-tax provisions. en-us Wed, 15 Oct 1997 00:00:00 +0530 Tue, 01 Sep 2009 11:34:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16106 A court-approved family arrangement involving surrender of life interest was treated as bona fide where the division of properties was supported by actuarial valuation and sanctioned in related proceedings, so section 4(1)(c) of the Gift-tax Act, 1958 did not apply. The Tribunal also found, on the material and accepted valuation, that the properties received matched the surrendered interest, making the transfer one for adequate consideration and excluding section 4(1)(a). On those facts, no deemed gift arose under the relevant gift-tax provisions. Case-Laws Income Tax Wed, 15 Oct 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16106