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of <h1>Supreme Court rules release deed not taxable under Gift-tax Act.</h1> <h3>Commissioner Of Gift-Tax Versus Ansuya Sarabhai (Smt)</h3> The Supreme Court dismissed the appeal against the Gujarat High Court judgment in CGT v. Ansuya Sarabhai. The Court held that the transaction in the ... Gift Tax The Supreme Court dismissed the appeal against the judgment of the Gujarat High Court in CGT v. Ansuya Sarabhai. The key question was whether a transaction in a release deed dated July 12, 1964, executed by the assessee was taxable under the Gift-tax Act, 1958. The Court found that the transaction was bona fide and not exigible to tax, as it involved surrendering life interest in a property portion. The appeals were dismissed with no order as to costs.
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