https://www.taxtmi.com/caselaws?id=340241 A unilateral relinquishment or surrender of life interest in trust property, without a transfer by one person to another, is not a gift or deemed gift for purposes of section 49(1)(ii) of the Income-tax Act, 1961. The court treated the prior release deed as a unilateral act that did not amount to a transfer of property to the assessee and held that the ordinary and statutory meaning of "gift" was not satisfied. Accordingly, the Revenue could not invoke the deemed cost rule under section 49(1)(ii) for capital gains computation, and the provision was held inapplicable. en-us Fri, 10 Mar 2017 00:00:00 +0530 Tue, 01 Aug 2017 10:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=340241 A unilateral relinquishment or surrender of life interest in trust property, without a transfer by one person to another, is not a gift or deemed gift for purposes of section 49(1)(ii) of the Income-tax Act, 1961. The court treated the prior release deed as a unilateral act that did not amount to a transfer of property to the assessee and held that the ordinary and statutory meaning of "gift" was not satisfied. Accordingly, the Revenue could not invoke the deemed cost rule under section 49(1)(ii) for capital gains computation, and the provision was held inapplicable. Case-Laws Income Tax Fri, 10 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=340241