That the CIT(A) erred on facts and in law in
holding owelty of Rs.93,88,81,656 received by the
appellant pursuant ... equalization of family interests and was thus, not in
the nature of owelty, but was consideration received
for 'transfer' of shares, being personal
share in the undivided estate of deceased ancestor in the nature of
owelty, does not amount to taxable income in light of CIT Vs.
Ashwani ... assessee to settle
inequalities in partition, thus, a provision of owelty, represents
immovable property and is not an income exigible
hares a nd thus, i t co uld not be
considered as owelty received by the as se ss ee. The
husband of the assessee ... mily of her husb and
a nd his property ? No owelty paid on alleged Fa mily
Settlement. No other tr ans fer of family
partition wherein higher share was taken by the
assessee. The assessee paid owelty of Rs. 25 crores each of them, viz.,
Kumararani Dr. Meena Muthiah ... Annamalai. So, the
total owelty paid is Rs. 50 crores which is evidenced by the deed of
partition dated 15.11.2006 registered as document
learned
counsel mentioned that considering the "principle of owelty", the said
amount or such a receipt cannot be treated as income liable ... amount
was not an income liable to tax. Thus, the amount of owelty,
i.e., compensation deposited by group B was to equalize the
partition
stated that the fact that the assessee herself
offered to tax the owelty amount received pursuant to the
family settlement, would not act as estoppels
BLOCK-GA 6, 3RD FLOOR106, K.C.
SINGHA ROAD , HOWRAH,WEST BENGAL.
OWELTY MERCHANTS PRIVATE LIMITED
BUSINESS ADDRESS - 53/4, P.N. MIDDYA ROAD
