https://www.taxtmi.com/caselaws?id=40235 A release deed by which an assessee surrendered her life interest in part of the property was examined under the Gift-tax Act, 1958. The surrender accelerated the beneficiaries' enjoyment of the corpus, but the transaction was treated as bona fide and unilateral in nature. On that basis, it was held not to amount to a taxable gift within the meaning of the Act, and the transaction was not exigible to gift-tax. en-us Thu, 13 Mar 1997 00:00:00 +0530 Sat, 01 Sep 2018 12:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=40235 A release deed by which an assessee surrendered her life interest in part of the property was examined under the Gift-tax Act, 1958. The surrender accelerated the beneficiaries' enjoyment of the corpus, but the transaction was treated as bona fide and unilateral in nature. On that basis, it was held not to amount to a taxable gift within the meaning of the Act, and the transaction was not exigible to gift-tax. Case-Laws Income Tax Thu, 13 Mar 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=40235