No transfer on Family settlement amongst family members in context of ‘preexisting right’

P. P. Mahatme, POA Lorna Margaret Pinto Vs ACIT (Bombay High Court) In so far as the second substantial question of law is concerned, it is necessary to note that the Assessing Officer, Commissioner of Income-tax (Appeals) and the ITAT have concurrently held that notwithstanding the nomenclature of the settlement, or the fact that the settlement is incorporated in the Consent Decree, the same is not a family settlement as such, the principle in Sachin Ambulkar (supra) is inapplicable. This means that the three authorities have basically returned a finding of fact that the settlement in this ca...