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TMI Blog2012 (5) TMI 184X X X X Extracts X X X X X X X X Extracts X X X X ..... he 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 deed dated 21-12-1992 between the chil ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fer 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 authority, Aggrieved by these two orders the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... apital 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 sale of shares held in private limited compan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... th 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-matter of a transaction, that is, partition or a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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