https://www.taxtmi.com/caselaws?id=36479 A bona fide family arrangement recognising an alleged antecedent claim to a share in inherited property is supported by consideration and is not a gratuitous transfer. On the Tribunal's finding, the allotment of property to the assessee's son under the 1959 deed was made to adjust pre-existing claims and maintain family peace, so it did not constitute a taxable gift under the Gift-tax Act, 1958. The allotment was therefore outside the charging provision and no gift-tax liability arose. en-us Mon, 18 Dec 1978 00:00:00 +0530 Mon, 22 Mar 2010 15:38:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36479 A bona fide family arrangement recognising an alleged antecedent claim to a share in inherited property is supported by consideration and is not a gratuitous transfer. On the Tribunal's finding, the allotment of property to the assessee's son under the 1959 deed was made to adjust pre-existing claims and maintain family peace, so it did not constitute a taxable gift under the Gift-tax Act, 1958. The allotment was therefore outside the charging provision and no gift-tax liability arose. Case-Laws Income Tax Mon, 18 Dec 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36479