1997 (3) TMI 91 - SCH - Income Tax

Summary

The Supreme Court dismissed the appeal against the judgment of the Gujarat High Court in CGT v. Ansuya Sarabhai. The key question was whether a transaction in a release deed dated July 12, 1964, executed by the assessee was taxable under the Gift-tax Act, 1958. The Court found that the transaction was bona fide and not exigible to tax, as it involved surrendering life interest in a property portion. The appeals were dismissed with no order as to costs.