https://www.taxtmi.com/caselaws?id=7815 A bona fide gift can be effected through debit and credit entries in family books when supported by a contemporaneous written direction, provided the donor has sufficient credit and the transaction reflects a real, completed transfer. Physical delivery is not essential where the surrounding facts show appropriation of the funds and effective disposition in favour of the donee. The commentary also notes that such a written direction may satisfy the requirements of an actionable claim transfer, if that characterisation applies. On these facts, the transfer to the son was treated as valid and the amount was not regarded as remaining part of the donor's wealth on the footing that the gift was ineffective. en-us Thu, 29 Jan 1970 00:00:00 +0530 Thu, 19 Mar 2009 15:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7815 A bona fide gift can be effected through debit and credit entries in family books when supported by a contemporaneous written direction, provided the donor has sufficient credit and the transaction reflects a real, completed transfer. Physical delivery is not essential where the surrounding facts show appropriation of the funds and effective disposition in favour of the donee. The commentary also notes that such a written direction may satisfy the requirements of an actionable claim transfer, if that characterisation applies. On these facts, the transfer to the son was treated as valid and the amount was not regarded as remaining part of the donor's wealth on the footing that the gift was ineffective. Case-Laws Wealth-tax Thu, 29 Jan 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7815