https://www.taxtmi.com/caselaws?id=7684 Transfer of capital from an assessee's account to the accounts of his three sons was treated as a taxable gift under the Gift-tax Act because the statutory definition of gift covered transfer of movable property and the related concept of transfer included disposition, assignment and other alienation. The book entries showed a clear present intention to divest the assessee of his right to the amount and confer it on his sons, so the transfer was effective even without physical delivery. The transactions therefore constituted gifts chargeable to gift tax. en-us Thu, 01 Jan 1970 00:00:00 +0530 Tue, 17 Mar 2009 15:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7684 Transfer of capital from an assessee's account to the accounts of his three sons was treated as a taxable gift under the Gift-tax Act because the statutory definition of gift covered transfer of movable property and the related concept of transfer included disposition, assignment and other alienation. The book entries showed a clear present intention to divest the assessee of his right to the amount and confer it on his sons, so the transfer was effective even without physical delivery. The transactions therefore constituted gifts chargeable to gift tax. Case-Laws Income Tax Thu, 01 Jan 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7684