https://www.taxtmi.com/caselaws?id=28369 A coparcener's relinquishment of a substantially larger debt at partition, when tied to adjustment of both assets and liabilities in a single transaction, was treated as part of the partition arrangement rather than a separate act. Because partition requires equal division of assets and liabilities, a party giving up a larger claim so the other receives a larger benefit creates an unequal partition. Where such unequal division is carried out pursuant to an understanding between the parties, it is treated as a disposition amounting to a gift under the Estate Duty Act, and the corresponding value is includible in the principal value of the estate. en-us Thu, 24 Feb 1983 00:00:00 +0530 Mon, 22 Feb 2010 10:25:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28369 A coparcener's relinquishment of a substantially larger debt at partition, when tied to adjustment of both assets and liabilities in a single transaction, was treated as part of the partition arrangement rather than a separate act. Because partition requires equal division of assets and liabilities, a party giving up a larger claim so the other receives a larger benefit creates an unequal partition. Where such unequal division is carried out pursuant to an understanding between the parties, it is treated as a disposition amounting to a gift under the Estate Duty Act, and the corresponding value is includible in the principal value of the estate. Case-Laws Income Tax Thu, 24 Feb 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28369