amount received on Family arrangement and partition of HUF

Assessee is an individual and Hindu . He got married with another women in the life time of first wife. He had two children from first wife and a daughter from second wife.  First wife expired and thereafter almost 25 years assessee and his second wife are living together as husband and wife and also accepted by all family and society. Assessee was also assessed to tax in the capacity of HUF also. The family members consisting of the children of  first wife and the second wife and her daughter has decided to settle their disputes about the property of…

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