https://www.taxtmi.com/caselaws?id=11747 A release or discharge under the Gift-tax Act is not a deemed gift where it forms part of a bona fide composite settlement supported by consideration, and the assessee is not shown to be the person responsible for the waiver. On the facts, the society waived Smt. Giraben Sarabhai's dues as part of an overall settlement ending all disputes, while the assessee-company gave up its own claims and the society paid consideration for reversionary rights. The waiver was not shown to be sham or lacking in bona fides, so no taxable gift or deemed gift by the assessee-company was established. en-us Wed, 30 Apr 2003 00:00:00 +0530 Sun, 07 Feb 2010 12:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11747 A release or discharge under the Gift-tax Act is not a deemed gift where it forms part of a bona fide composite settlement supported by consideration, and the assessee is not shown to be the person responsible for the waiver. On the facts, the society waived Smt. Giraben Sarabhai's dues as part of an overall settlement ending all disputes, while the assessee-company gave up its own claims and the society paid consideration for reversionary rights. The waiver was not shown to be sham or lacking in bona fides, so no taxable gift or deemed gift by the assessee-company was established. Case-Laws Income Tax Wed, 30 Apr 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11747