https://www.taxtmi.com/caselaws?id=169653 Book entries debiting the donor's account and crediting the donees' current accounts can satisfy the delivery requirement for a gift of movable property where the parties treat the transfer as completed and the money is placed under the transferee's control. A small cash balance in a banking concern does not, by itself, show that delivery was impossible or invalidate the transfer, because cash in hand is not the only indicator of liquidity or ability to meet liabilities. On that basis, banking entries were treated as capable of operating as valid gifts despite the meagre cash balance. en-us Mon, 26 Sep 1960 00:00:00 +0530 Wed, 29 Apr 2015 12:02:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=169653 Book entries debiting the donor's account and crediting the donees' current accounts can satisfy the delivery requirement for a gift of movable property where the parties treat the transfer as completed and the money is placed under the transferee's control. A small cash balance in a banking concern does not, by itself, show that delivery was impossible or invalidate the transfer, because cash in hand is not the only indicator of liquidity or ability to meet liabilities. On that basis, banking entries were treated as capable of operating as valid gifts despite the meagre cash balance. Case-Laws Income Tax Mon, 26 Sep 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=169653