https://www.taxtmi.com/caselaws?id=169654 A gift of movable property under section 123 of the Transfer of Property Act requires a registered instrument or delivery, and delivery must place the property in the donee's possession or control. Mere transfer entries in the donor's own books, supported only by a memorandum of gift, are insufficient where no money changes hands and the donor retains dominion over the property. The court distinguished cases involving bankers or transfers that actually placed the property under the donee's control. On these facts, the bookkeeping entries did not complete a valid gift, and the transfer was ineffective. en-us Thu, 25 Mar 1965 00:00:00 +0530 Wed, 29 Apr 2015 12:19:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=169654 A gift of movable property under section 123 of the Transfer of Property Act requires a registered instrument or delivery, and delivery must place the property in the donee's possession or control. Mere transfer entries in the donor's own books, supported only by a memorandum of gift, are insufficient where no money changes hands and the donor retains dominion over the property. The court distinguished cases involving bankers or transfers that actually placed the property under the donee's control. On these facts, the bookkeeping entries did not complete a valid gift, and the transfer was ineffective. Case-Laws Income Tax Thu, 25 Mar 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=169654