https://www.taxtmi.com/caselaws?id=25474 A unilateral release deed by which the assessee and his wife relinquished their life interest in property was held not to amount to a taxable gift or a transfer of property under the Gift-tax Act, 1958 as it then stood, because sections 2(xii) and 2(xxiv) did not cover such a self-effacing surrender. The later insertion of section 4(1)(e) and the corresponding amendment to section 2(xxiv) by the Finance Act, 1980 showed that transactions of this kind were not previously within the earlier text. As the Tribunal had found the relinquishment bona fide, it also did not fall within section 4(1)(c). en-us Wed, 16 Sep 1987 00:00:00 +0530 Thu, 28 Jan 2010 18:09:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25474 A unilateral release deed by which the assessee and his wife relinquished their life interest in property was held not to amount to a taxable gift or a transfer of property under the Gift-tax Act, 1958 as it then stood, because sections 2(xii) and 2(xxiv) did not cover such a self-effacing surrender. The later insertion of section 4(1)(e) and the corresponding amendment to section 2(xxiv) by the Finance Act, 1980 showed that transactions of this kind were not previously within the earlier text. As the Tribunal had found the relinquishment bona fide, it also did not fall within section 4(1)(c). Case-Laws Income Tax Wed, 16 Sep 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25474