https://www.taxtmi.com/caselaws?id=71450 A unilateral dedication of gold and silver ornaments as a Hindu religious endowment to a family deity was not a taxable gift, because a gift requires a transfer to a donee and the dedication was not a bilateral transfer; the Revenue therefore failed on the Gift-tax Act issue. Once the ornaments were effectively dedicated, the assessee's beneficial interest stood extinguished and the deity, as a juristic person holding property through its shebait, became the relevant holder; the ornaments could not be assessed as the assessee's wealth for wealth-tax purposes, so that part of the assessment was deleted. en-us Wed, 10 Jun 1992 00:00:00 +0530 Sat, 23 Apr 2011 15:03:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71450 A unilateral dedication of gold and silver ornaments as a Hindu religious endowment to a family deity was not a taxable gift, because a gift requires a transfer to a donee and the dedication was not a bilateral transfer; the Revenue therefore failed on the Gift-tax Act issue. Once the ornaments were effectively dedicated, the assessee's beneficial interest stood extinguished and the deity, as a juristic person holding property through its shebait, became the relevant holder; the ornaments could not be assessed as the assessee's wealth for wealth-tax purposes, so that part of the assessment was deleted. Case-Laws Income Tax Wed, 10 Jun 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71450