No, I couldn't take something back if it would cause hurt feeling. The feelings of a loved one are more important than the material item.
My husband bought me the most gosh awful plaid pants one year. I was lucky that they didn't fit, so when I exchanged them I was able to get a jacket in the same plaid which was actually stylish at the time.
But had the pants fit, I would have worn them anyway (at home!) he was so proud of that gift so in this case his feelings would have been much more important than having pants I liked.