9911796707
TMI Blog1985 (9) TMI 136X X X X Extracts X X X X X X X X Extracts X X X X ..... 68 years of age and the assessee was 73 years of age claiming judicial separation from the assessee on the ground of long desertion and she also claimed that movable and immovable properties worth Rs. 10 lakhs be given to her out of the properties of the assessee for her maintenance. This petition which was moved in November 1977 was decided in terms of a compromise according to which the claim for judicial separation was decreed and for the maintenance of the wife the assessee gave her a house known as 'Manharganj Kothi, Dewas' worth Rs. 2,10,500 and 5,852 equity shares of Union Carbide valued at Rs. 24 per share, 1,637 equity shares of Chemicals and Fibres valued at Rs. 26 per share and some other properties including cash amounting to Rs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erest in these shares. The question of a family settlement comes in when there is a dispute between admitted co-sharers or persons claiming a share in the properties although their rights may be disputed by the other co-sharers. In the present case, the wife was not claiming any right of sharing the assesees's properties as a co-sharer. Her claim was for maintenance and it was in lieu of maintenance that the properties in question were transferred by the assessee to her. The right of a wife for maintenance is an incident of the status or estate of matrimony and a Hindu is under a legal obligation to maintain his wife. The obligation to maintain the wife is personal in character and arises from the very existence of the relations between two ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hed that there was a transfer within the meaning of section 45. 5. The last ingredient required by section 45 is that a profit or gain should arise from the transfer of the capital asset. It is this ingredient which, in our view, is lacking in the present case. In consideration of the transfer of the shares and other properties the assessee did not receive anything material. The shares have been transferred in consideration of an agreement to live apart and not to claim any other right in the assessee's remaining properties. Such a consideration cannot be valued in terms of money and, therefore, it cannot be said that in consideration of the transfer of the shares the assessee received anything which was of the value of Rs. 1,83,000. As a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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