TaxTMI 
TaxTMI 
2012 (5) TMI 184
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....nue has preferred this appeal against the order passed by the Tribunal which held that the transactions and the family arrangement made between the assessee and the other family members cannot be treated otherwise than a family arrangement. Hence there is no transfer either of the movable or immovable as such. The assessee is not liable to pay any capital gains. There was a family arrangement by a....
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....The assessee claimed there was no transfer which give rise to any capital gains However, the assessing authority held that there was a transfer, there was a capital gain and therefore the assessee is liable to pay the tax. Aggrieved by the said order, the assessee preferred an appeal to the Commissioner of Income Tax (appeals). The appellate Commissioner confirmed the order of the assessing author....
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....efore he was not liable to pay tax on capital gains. Accordingly he set aside the order passed by the lower authorities. Aggrieved by the said order the Revenue has preferred this appeal. 2. The substantial question of law which is framed in this appeal on 12-8-2006 reads as under:- "1, Whether, the Tribunal was correct in holding that the sale proceeds earned by the assessee out of sa....
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....t Tax Appeal Nos. 1 & 2 of 2008 disposed off on 6th September, 2010, In the aforesaid Judgment it was held that the word transfer' does not include partition or family settlement as defined under the Act, It is well-settled that a partition is not a transfer, What is recorded in a family settlement is nothing but a partition. Every member has an anterior title to the property which is the subject-....