https://www.taxtmi.com/caselaws?id=6995 Throwing self-acquired property into the joint Hindu family hotchpot was treated as a unilateral act, and not a "transaction" of the bilateral or multilateral kind contemplated by the Gift-tax Act. Because the statutory description under section 2(xii) read with section 2(xxiv)(d) required a transaction entered into with intent to diminish the value of the transferor's property and increase another's property, the assessee's conduct did not satisfy the definition of a gift. The act was therefore outside the scope of gift-tax as framed by those provisions. en-us Fri, 08 Sep 1967 00:00:00 +0530 Sat, 07 Feb 2009 18:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6995 Throwing self-acquired property into the joint Hindu family hotchpot was treated as a unilateral act, and not a "transaction" of the bilateral or multilateral kind contemplated by the Gift-tax Act. Because the statutory description under section 2(xii) read with section 2(xxiv)(d) required a transaction entered into with intent to diminish the value of the transferor's property and increase another's property, the assessee's conduct did not satisfy the definition of a gift. The act was therefore outside the scope of gift-tax as framed by those provisions. Case-Laws Income Tax Fri, 08 Sep 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6995