https://www.taxtmi.com/caselaws?id=65021 A unilateral relinquishment of life interest was not a taxable gift because the statutory definition required a voluntary transfer between at least two persons without consideration. The deeming rule for release or surrender applied only where the Revenue established that the transaction was not bona fide, and no such finding was recorded. The surrender was treated as accelerating the beneficiaries' interest rather than effecting a taxable transfer, so no gift-tax liability arose. en-us Thu, 10 Feb 2000 00:00:00 +0530 Fri, 11 Feb 2011 17:16:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65021 A unilateral relinquishment of life interest was not a taxable gift because the statutory definition required a voluntary transfer between at least two persons without consideration. The deeming rule for release or surrender applied only where the Revenue established that the transaction was not bona fide, and no such finding was recorded. The surrender was treated as accelerating the beneficiaries' interest rather than effecting a taxable transfer, so no gift-tax liability arose. Case-Laws Income Tax Thu, 10 Feb 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65021