Law:

Section:

Section 2(xii), read with section 2(xxiv), of the Gift-tax Act, 1958 – Gift – Assessment year 1958-59 – Whether in order that ‘disposition' may amount to ‘transfer of property' within meaning of section 2(xxiv), it must be a bilateral or a multilateral act and no unilateral act can ever amount to ‘transfer of property' – Held, yes – Whether clause (c) of section 2(xxiv) included within its only general power of appointment because power must be such that it should be capable of being exercised to determine disposition of property in favour of any person other than donee of power - Held, yes – Assessee was beneficiary under trust deed executed by his father and was entitled to income from trust funds for her life and after her death her children or remoter issues were entitled to it at discretion of trustees or of any other person whom assessee was empowered to appoint – Assessee by deed of poll, exercised power of appointment vested in her irrevocably in favour of her daughter and this document was followed by deed of release by which she surrendered, released and yielded up her life interest and all other rights under settlement and trustees were to hold trust funds upon specified trusts – Whether since under trust deed beneficiaries under power could only be member of special class, viz., children of assessee or remoter issues, power conferred on assessee by trust deed was special power of appointment, such transaction was not a transfer of property within definition of expression given in section 2(xxiv) and, hence, could not result in taxable gift – Held, yes – Whether fact that deed of release or relinquishment was executed by assessee and nobody else was party, much less her daughter, it was merely a unilateral act and could never amount 'disposition' as understood under section 2(xxiv) and, therefore, and was not 'gift' within meaning of section 2(xii) – Held, yes Words and phrases : Words 'disposition', 'any person' and 'transaction' as occurring in section 2(xxiv) of the Gift-tax Act, 1958. FACTS The assessee was the daughter of 'N' who executed a trust deed and created a trust appointing four trustees. On the death of one trustee, the assessee was…

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