https://www.taxtmi.com/caselaws?id=55695 A transfer styled as a family arrangement does not escape gift-tax unless it is bona fide, intended to resolve present or possible family disputes, and effects a fair division among persons with antecedent or possible claims in the property. Here, the transferees had no antecedent claim, were not parties to a genuine rival-claims settlement, and the cash transfers lacked any demonstrated basis of fair allocation. The arrangement between separate family branches was treated as a private device rather than a true family settlement, so the transfers were liable to gift-tax as gifts within section 4(1)(a) of the Gift-tax Act, 1958. en-us Thu, 21 Dec 1995 00:00:00 +0530 Mon, 29 Nov 2010 14:53:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55695 A transfer styled as a family arrangement does not escape gift-tax unless it is bona fide, intended to resolve present or possible family disputes, and effects a fair division among persons with antecedent or possible claims in the property. Here, the transferees had no antecedent claim, were not parties to a genuine rival-claims settlement, and the cash transfers lacked any demonstrated basis of fair allocation. The arrangement between separate family branches was treated as a private device rather than a true family settlement, so the transfers were liable to gift-tax as gifts within section 4(1)(a) of the Gift-tax Act, 1958. Case-Laws Income Tax Thu, 21 Dec 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55695