https://www.taxtmi.com/caselaws?id=56882 A bona fide partition arrangement involving reciprocal adjustment of family property rights was not treated as a deemed gift under section 4(1)(c) of the Gift-tax Act. Where the residential building could not practicably be divided and one brother retained it while the other received additional agricultural land, the allotment was viewed as a mutual exchange of rights supported by consideration within a family settlement, not a gratuitous transfer or colourable device. The gift-tax addition on the impugned allotment was therefore unsustainable. en-us Thu, 31 Aug 1978 00:00:00 +0530 Mon, 23 Jan 2012 17:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56882 A bona fide partition arrangement involving reciprocal adjustment of family property rights was not treated as a deemed gift under section 4(1)(c) of the Gift-tax Act. Where the residential building could not practicably be divided and one brother retained it while the other received additional agricultural land, the allotment was viewed as a mutual exchange of rights supported by consideration within a family settlement, not a gratuitous transfer or colourable device. The gift-tax addition on the impugned allotment was therefore unsustainable. Case-Laws Income Tax Thu, 31 Aug 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56882