Family Settlement Proceeds Not Taxable as Income; Property Existed at Partition with Members Holding Shares.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Taxation on amount received on family settlement - accrual of income - entire property was in existence at the time of partition in which concerned family members were having their interest/shares, therefore, it was clearly a family settlement. Therefore, the family arrangement is not taxable - AT....