https://www.taxtmi.com/caselaws?id=56922 A release, surrender, abandonment or similar relinquishment of an interest in property is treated as a deemed gift under section 4(1)(c) of the Gift-tax Act, unless the person claiming the exception proves that the act was bona fide. The burden of establishing bona fides lies on the assessee, and the inquiry must consider the surrounding circumstances, including any tax motive. A release of life interest in waqf property therefore falls prima facie within the deeming provision, but the exemption depends on factual proof of genuine relinquishment. Where bona fides have not been properly examined on the existing record, the matter requires fresh determination. en-us Fri, 31 Aug 1984 00:00:00 +0530 Tue, 07 Dec 2010 13:34:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56922 A release, surrender, abandonment or similar relinquishment of an interest in property is treated as a deemed gift under section 4(1)(c) of the Gift-tax Act, unless the person claiming the exception proves that the act was bona fide. The burden of establishing bona fides lies on the assessee, and the inquiry must consider the surrounding circumstances, including any tax motive. A release of life interest in waqf property therefore falls prima facie within the deeming provision, but the exemption depends on factual proof of genuine relinquishment. Where bona fides have not been properly examined on the existing record, the matter requires fresh determination. Case-Laws Income Tax Fri, 31 Aug 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56922