https://www.taxtmi.com/caselaws?id=5958 Book entries can constitute a valid gift only if the donor has existing property and the transfer is supported by available funds or equivalent financial facilities to complete delivery. In the case of a non-banking concern without sufficient cash balance or overdraft facility, mere debit and credit entries do not amount to delivery under the Transfer of Property Act, 1882, even if the donees later accept or withdraw the credited amounts. On that basis, the alleged gifts were treated as invalid and the transferred sums remained includible in the assessee's net wealth for wealth-tax purposes. en-us Tue, 03 Feb 1987 00:00:00 +0530 Sun, 30 Nov 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5958 Book entries can constitute a valid gift only if the donor has existing property and the transfer is supported by available funds or equivalent financial facilities to complete delivery. In the case of a non-banking concern without sufficient cash balance or overdraft facility, mere debit and credit entries do not amount to delivery under the Transfer of Property Act, 1882, even if the donees later accept or withdraw the credited amounts. On that basis, the alleged gifts were treated as invalid and the transferred sums remained includible in the assessee's net wealth for wealth-tax purposes. Case-Laws Wealth-tax Tue, 03 Feb 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5958