https://www.taxtmi.com/caselaws?id=36981 A unilateral document executed by an assessee did not amount to a "transaction" under section 2(xxiv)(d) of the Gift-tax Act because that provision contemplates an act involving two or more parties; it therefore did not constitute a gift under section 2(xii). A surrender or release of life interest was also not a deemed gift under section 4(1)(c) because the deeming provision applies only where the release is not bona fide, and no lack of bona fides was found or established. On both statutory grounds, the document was held outside gift-tax liability. en-us Tue, 20 Jun 1978 00:00:00 +0530 Thu, 25 Mar 2010 16:46:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36981 A unilateral document executed by an assessee did not amount to a "transaction" under section 2(xxiv)(d) of the Gift-tax Act because that provision contemplates an act involving two or more parties; it therefore did not constitute a gift under section 2(xii). A surrender or release of life interest was also not a deemed gift under section 4(1)(c) because the deeming provision applies only where the release is not bona fide, and no lack of bona fides was found or established. On both statutory grounds, the document was held outside gift-tax liability. Case-Laws Income Tax Tue, 20 Jun 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36981