https://www.taxtmi.com/caselaws?id=70039 Book entries alone did not validly transfer immovable property from the assessee to a partnership firm where no registered conveyance was executed and the partnership deed did not show the property was brought into common stock. The entries merely adjusted the assessee's debit balance while leaving his capital account unchanged, indicating the asset was not contributed as partnership capital. As a transfer of immovable property requires a registered instrument, the alleged conveyance was ineffective in law. On that basis, the statutory condition for a deemed gift under section 4(1)(a) of the Gift-tax Act, 1958 was not satisfied. en-us Tue, 28 Feb 1995 00:00:00 +0530 Wed, 13 Apr 2011 16:25:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70039 Book entries alone did not validly transfer immovable property from the assessee to a partnership firm where no registered conveyance was executed and the partnership deed did not show the property was brought into common stock. The entries merely adjusted the assessee's debit balance while leaving his capital account unchanged, indicating the asset was not contributed as partnership capital. As a transfer of immovable property requires a registered instrument, the alleged conveyance was ineffective in law. On that basis, the statutory condition for a deemed gift under section 4(1)(a) of the Gift-tax Act, 1958 was not satisfied. Case-Laws Income Tax Tue, 28 Feb 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70039