1999 (4) TMI 39

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..... ing regard to the provisions of s. 49 of the IT Act, the Tribunal is right in law in holding that the value of shares as mentioned. in the family settlement deed and not the cost to the previous owner, should be taken as the cost of acquisition of share obtained by the assessee in the family settlement ? 2. The assessee while they were minors and unmarried, being the daughters of one Jagadish Ch .....

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..... T(A) having held otherwise in appeal, the ITO appealed to the Tribunal which confirmed the order of the appellate authority. The Tribunal held that the shares had been obtained by the two daughters for a consideration and the consideration was in the view of the Tribunal their right to receive their marriage expenses. 4. Sec. 9 of the Act deals with the cost with reference to certain modes of ac .....

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..... dation of a company, and to the assets under a transfer to a revocable or an irrevocable trust, etc. 6. In a partition, the consideration for the partition is the mutual relinquishment the rights of the parties in the joint family properties in which each has share, the fact that the daughters have a right to maintenance and marriage expenses and would have been entitled to a share at a partitio .....

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