Relinquishment - Definition - Law Dictionary Home Dictionary Definition relinquishment

Definition :

Relinquishment, a relinquishment takes place when the owner withdraws himself from the property and abandons his rights thereto, CIT v. Rasiklal Maneklal, AIR 1989 SC 1333: (1989) 2 SCC 454: (1989) 2 SCR 179. (Income Tax Act, 1961, s. 45)

Relinquishment, forsaking, or giving up.

The abandonment of a right or thing, Black's Law Dictionary, 7th Edn., p. 1294.

Means a release of a claim or portion of it. The essential features of a transaction of relinquishment can be clearly specified. In a transaction of relinquishment the property in which interest is relinquished continues to exist, the property continues to be accrued by some person or persons even after the transaction of relinquishment and the interest of the person even after relinquishing his interest in the property is either given up or abandoned or surrendered. Relinquishment also presupposes that the property in which the interest is relinquished continues to be in existence, C.I.T. v. Rasiklal, (1974) 95 ITR 656 (663).