https://www.taxtmi.com/caselaws?id=180859 An actionable claim in the nature of an unsecured debt, not a genuine issue of optionally fully convertible debentures, was treated as the subject of the gift because the asset must be characterised on the date of transfer. That asset was capable of being gifted as movable property, and the board resolution, acceptance by the donee and deed of confirmation were sufficient; the absence of a registered gift deed did not invalidate the transfer. Shares later held as investments were not stock-in-trade, so any profit on sale was chargeable under the head "Capital gains" and not as business income. Computation of capital gain required fresh examination. en-us Tue, 16 Dec 2008 00:00:00 +0530 Sat, 02 Apr 2016 18:32:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180859 An actionable claim in the nature of an unsecured debt, not a genuine issue of optionally fully convertible debentures, was treated as the subject of the gift because the asset must be characterised on the date of transfer. That asset was capable of being gifted as movable property, and the board resolution, acceptance by the donee and deed of confirmation were sufficient; the absence of a registered gift deed did not invalidate the transfer. Shares later held as investments were not stock-in-trade, so any profit on sale was chargeable under the head "Capital gains" and not as business income. Computation of capital gain required fresh examination. Case-Laws Income Tax Tue, 16 Dec 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180859