( 1 ) THIS reference under section of the Gift-tax Act, 1958, (Act 18 of 1958) (for short "the Act"), has arisen at the instance of the Revenue for our opinion on the question posed thus :" (1) Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was justified in holding that the deed executed on 21/03/1970, partakes the nature of a family settlement and that the transaction was not a transfer or aliention liable to gift-tax ? (2) Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was justified in holding that there was no texable gift to the married daughter in spite of the transfer of agricultural lands being effected after a lapse of years after the marriage ?"the material facts in support of the reference are that the assessee, an individual, during the assessment year 1970-71 executed a partion deed on 21/03/1970, by which he gave away acres 9. 94 of wet of wet land to his married daughter, Smt. Sreedevi and acres 10. 40 of wet land to his unmarried daughter, Nagamani. Notice under section 16 (1) of the Act was issued calling upon the assessee to file his return. Accordingly, he filed nil return wit