https://www.taxtmi.com/caselaws?id=28123 An oral family settlement may be recognised where the surrounding facts, revenue records and possession show that family members were holding and acknowledging shares in accordance with the arrangement, even in agricultural holdings governed by the U.P.Z.A. & L.R. Act; on those facts, the deceased was treated as having only a one-fourth share. A resolution to issue bonus shares, or administrative approval for their issue, does not by itself create an enforceable right or accrued debt in favour of the proposed allottee; the right accrues only when the shares are actually issued and allotted. On these principles, the estate-duty reference was answered in favour of the assessee. en-us Mon, 16 May 1983 00:00:00 +0530 Fri, 19 Feb 2010 11:41:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28123 An oral family settlement may be recognised where the surrounding facts, revenue records and possession show that family members were holding and acknowledging shares in accordance with the arrangement, even in agricultural holdings governed by the U.P.Z.A. & L.R. Act; on those facts, the deceased was treated as having only a one-fourth share. A resolution to issue bonus shares, or administrative approval for their issue, does not by itself create an enforceable right or accrued debt in favour of the proposed allottee; the right accrues only when the shares are actually issued and allotted. On these principles, the estate-duty reference was answered in favour of the assessee. Case-Laws Income Tax Mon, 16 May 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28123