https://www.taxtmi.com/caselaws?id=7987 Interest credited to alleged donees was not deductible because the underlying gifts from a partner's capital account were not validly completed by delivery. The transfer was effected only through debit and credit entries in the partnership books, and the firm's limited cash balance did not show an actual ability to hand over the property in satisfaction of the gifts. A partner has no exclusive right in partnership trading assets during the subsistence of the firm, and his interest is confined to profits and the value of his share on dissolution or retirement. On these facts, the entries did not amount to a completed gift of movable property, so the deduction claim failed. en-us Fri, 04 Sep 1970 00:00:00 +0530 Thu, 26 Mar 2009 13:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7987 Interest credited to alleged donees was not deductible because the underlying gifts from a partner's capital account were not validly completed by delivery. The transfer was effected only through debit and credit entries in the partnership books, and the firm's limited cash balance did not show an actual ability to hand over the property in satisfaction of the gifts. A partner has no exclusive right in partnership trading assets during the subsistence of the firm, and his interest is confined to profits and the value of his share on dissolution or retirement. On these facts, the entries did not amount to a completed gift of movable property, so the deduction claim failed. Case-Laws Income Tax Fri, 04 Sep 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7987