https://www.taxtmi.com/caselaws?id=151509 Section 49(1)(ii) of the Income-tax Act uses the word "gift" in its ordinary sense and does not extend to a deemed gift under the Gift-tax Act for determining cost of acquisition. Because the Income-tax Act does not define "deemed gift" and the two enactments operate in different fields, the artificial meaning from the Gift-tax Act cannot be imported into sections 47(iii) and 49(1)(ii). Applying binding jurisdictional precedent, the tribunal rejected the assessee's attempt to treat the relinquishment as a deemed gift and upheld the computation adopted by the tax authorities. en-us Fri, 31 Oct 2008 00:00:00 +0530 Thu, 06 Jun 2013 17:09:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=151509 Section 49(1)(ii) of the Income-tax Act uses the word "gift" in its ordinary sense and does not extend to a deemed gift under the Gift-tax Act for determining cost of acquisition. Because the Income-tax Act does not define "deemed gift" and the two enactments operate in different fields, the artificial meaning from the Gift-tax Act cannot be imported into sections 47(iii) and 49(1)(ii). Applying binding jurisdictional precedent, the tribunal rejected the assessee's attempt to treat the relinquishment as a deemed gift and upheld the computation adopted by the tax authorities. Case-Laws Income Tax Fri, 31 Oct 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=151509