https://www.taxtmi.com/caselaws?id=69780 Money gifts recorded only by book entries in the assessee's proprietary accounts were held invalid where there was no actual delivery to the donees and the cash balance on the relevant dates was insufficient to support the purported transfers; the amounts therefore remained includible in net wealth. The later provision treating gifts of money by book entries as taxable under wealth-tax law applied only from 1 April 1976, so gifts made in 1969 and 1970 fell outside its scope. The Revenue succeeded on validity of the gifts, while the earlier gifts could not be governed by the later-enacted provision. en-us Wed, 30 Jan 1980 00:00:00 +0530 Tue, 12 Apr 2011 10:42:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69780 Money gifts recorded only by book entries in the assessee's proprietary accounts were held invalid where there was no actual delivery to the donees and the cash balance on the relevant dates was insufficient to support the purported transfers; the amounts therefore remained includible in net wealth. The later provision treating gifts of money by book entries as taxable under wealth-tax law applied only from 1 April 1976, so gifts made in 1969 and 1970 fell outside its scope. The Revenue succeeded on validity of the gifts, while the earlier gifts could not be governed by the later-enacted provision. Case-Laws Wealth-tax Wed, 30 Jan 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69780