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[Cites 0, Cited by 61] [Section 4(1)] [Section 4] [Entire Act]

Union of India - Subsection

Section 4(1)(c) in The Gift-Tax Act, 1958

(c)where there is a release, discharge, surrender, forfeiture or abandonment of any debt, contractor other actionable claim or of any interest in property by any person, the value of the release, discharge, surrender, forfeiture or abandonment, to the extent to which it has not been found to the satisfaction of the Assessing Officer to have been bona fide, shall be deemed to be a gift made by the person responsible for the release, discharge, surrender, forfeiture or abandonment;