https://www.taxtmi.com/caselaws?id=169645 A genuine transfer effected through accepted banking entries can amount to a valid gift without physical delivery of cash, where the instructions are acted upon and the beneficiaries operate on the credited sums. The absence of cash in the banker's hands at the moment of entry did not defeat the legal effectiveness of the transfer, and the banker's joint family character was irrelevant. Once the amounts stood transferred to the son and daughter, the interest credited on those sums belonged to them and not to the transferor, so it was not assessable in the assessee's hands. en-us Thu, 20 Mar 1958 00:00:00 +0530 Wed, 29 Apr 2015 10:47:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=169645 A genuine transfer effected through accepted banking entries can amount to a valid gift without physical delivery of cash, where the instructions are acted upon and the beneficiaries operate on the credited sums. The absence of cash in the banker's hands at the moment of entry did not defeat the legal effectiveness of the transfer, and the banker's joint family character was irrelevant. Once the amounts stood transferred to the son and daughter, the interest credited on those sums belonged to them and not to the transferor, so it was not assessable in the assessee's hands. Case-Laws Income Tax Thu, 20 Mar 1958 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=169645