https://www.taxtmi.com/caselaws?id=55248 A transfer of self-acquired shares and land under a family settlement was held not to be a bona fide family arrangement because the other family members had no antecedent rights or real disputes, and the deed operated as a device to avoid gift-tax. The valuation of the shares and land was upheld because it was based on the assessee's own information and prevailing market rates, with no arbitrariness shown. The immovable property was taxable in the year of the family arrangement because the deed was acted upon during that year, possession was handed over, and the transfer was effective on the deed date. en-us Fri, 29 Jul 1994 00:00:00 +0530 Wed, 24 Nov 2010 18:23:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55248 A transfer of self-acquired shares and land under a family settlement was held not to be a bona fide family arrangement because the other family members had no antecedent rights or real disputes, and the deed operated as a device to avoid gift-tax. The valuation of the shares and land was upheld because it was based on the assessee's own information and prevailing market rates, with no arbitrariness shown. The immovable property was taxable in the year of the family arrangement because the deed was acted upon during that year, possession was handed over, and the transfer was effective on the deed date. Case-Laws Income Tax Fri, 29 Jul 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55248