https://www.taxtmi.com/caselaws?id=6818 A gift of movable property is valid only if the donor effectively transfers the property and the donee, or a lawful guardian, accepts it; mere intention, unilateral declaration, or accounting entries do not suffice. On the facts, the alleged transfer of funds to a minor son was not shown to have been actually divested from the assessee or accepted on behalf of the minor, and the amount remained invested in the partnership business. The alleged gift was therefore invalid, and the interest and wealth attributable to that sum were correctly assessed in the assessee's hands for wealth-tax and income-tax purposes. en-us Mon, 20 Feb 1967 00:00:00 +0530 Mon, 02 Feb 2009 12:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6818 A gift of movable property is valid only if the donor effectively transfers the property and the donee, or a lawful guardian, accepts it; mere intention, unilateral declaration, or accounting entries do not suffice. On the facts, the alleged transfer of funds to a minor son was not shown to have been actually divested from the assessee or accepted on behalf of the minor, and the amount remained invested in the partnership business. The alleged gift was therefore invalid, and the interest and wealth attributable to that sum were correctly assessed in the assessee's hands for wealth-tax and income-tax purposes. Case-Laws Income Tax Mon, 20 Feb 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6818