https://www.taxtmi.com/caselaws?id=35779 A unilateral release deed by which an assessee surrendered a life interest in trust income was not a taxable gift under the Gift-tax Act, 1958. The High Court reasoned that the transaction was a unilateral relinquishment, not a transfer of property between two persons, and therefore did not satisfy the definition of gift or the related provision addressing transactions intended to diminish one person's property and increase another's value. The record also did not show any adverse finding that the release was not bona fide, so the deemed-gift provision was not attracted. The release deed was accordingly not assessable to gift-tax. en-us Wed, 01 Oct 1980 00:00:00 +0530 Tue, 16 Mar 2010 15:55:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35779 A unilateral release deed by which an assessee surrendered a life interest in trust income was not a taxable gift under the Gift-tax Act, 1958. The High Court reasoned that the transaction was a unilateral relinquishment, not a transfer of property between two persons, and therefore did not satisfy the definition of gift or the related provision addressing transactions intended to diminish one person's property and increase another's value. The record also did not show any adverse finding that the release was not bona fide, so the deemed-gift provision was not attracted. The release deed was accordingly not assessable to gift-tax. Case-Laws Income Tax Wed, 01 Oct 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35779