Transaction under Family Settlement Agreement does not Amount to Transfer: ITAT deletes Addition u/s 69 of Income Tax Act [Read Order]

Transaction under a family settlement agreement does not amount to transfer
ITAT - income tax acts - ITAT ruling on family settlement - Income Tax Act - ITAT ruling section 69 -TAXSCAN

The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the addition under Section 69 of the Income Tax Act, 1961 ruling that a transaction under a family settlement agreement does not amount to a transfer. Brief facts pertaining to the issue is that Naresh Kotak together with his brother’s son Krishna…

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