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Issues: Whether the release deed dated 12 July 1964, by which the assessee surrendered her life interest in part of the property, constituted a taxable gift under the Gift-tax Act, 1958.
Analysis: The transaction involved a surrender or release of life interest, which enabled the beneficiaries to resume possession of the corpus earlier than otherwise. The beneficial interest of the releasees was thus accelerated. The transaction was found to be bona fide and unilateral in nature, and on that footing it did not amount to a taxable transaction within the meaning of the Gift-tax Act.
Conclusion: The transaction was not exigible to gift-tax and the decision was against the Revenue.
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