https://www.taxtmi.com/caselaws?id=37699 A bona fide write-off of a debt does not attract gift-tax under section 4(1)(c) of the Gift-tax Act, 1958, even where the debt has become time-barred and the transaction may be characterised as abandonment, release, discharge, surrender, or forfeiture. The provision applies only where the relinquishment is not bona fide, and the surrounding book entries and circumstances must support that inference. On the stated reasoning, a genuine write-off was treated as outside the charging provision and therefore not taxable as a deemed gift. en-us Fri, 01 Dec 1978 00:00:00 +0530 Wed, 31 Mar 2010 15:30:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37699 A bona fide write-off of a debt does not attract gift-tax under section 4(1)(c) of the Gift-tax Act, 1958, even where the debt has become time-barred and the transaction may be characterised as abandonment, release, discharge, surrender, or forfeiture. The provision applies only where the relinquishment is not bona fide, and the surrounding book entries and circumstances must support that inference. On the stated reasoning, a genuine write-off was treated as outside the charging provision and therefore not taxable as a deemed gift. Case-Laws Income Tax Fri, 01 Dec 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37699