https://www.taxtmi.com/caselaws?id=37317 Transactions executed by a karta in favour of family members were treated as a family settlement by partial partition, not as taxable gifts, because the family had co-sharers and the land was divided by earmarking separate portions for members. Although the documents were described as deeds of gift, the substance of the arrangement showed allotment of shares in family property rather than a real transfer by way of gift. On that basis, the instruments could not be assessed to gift-tax and the reference was answered in favour of the assessee. en-us Thu, 24 Aug 1978 00:00:00 +0530 Mon, 29 Mar 2010 10:41:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37317 Transactions executed by a karta in favour of family members were treated as a family settlement by partial partition, not as taxable gifts, because the family had co-sharers and the land was divided by earmarking separate portions for members. Although the documents were described as deeds of gift, the substance of the arrangement showed allotment of shares in family property rather than a real transfer by way of gift. On that basis, the instruments could not be assessed to gift-tax and the reference was answered in favour of the assessee. Case-Laws Income Tax Thu, 24 Aug 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37317