https://www.taxtmi.com/caselaws?id=8462 A valid gift may be made by book entries where the donor's claim is replaced by the donee's claim and the donee accepts and acts on the transfer. For section 10 of the Estate Duty Act, the decisive inquiry is the real subject-matter of the gift and whether the donee immediately assumed possession and enjoyment of that property to the entire exclusion of the donor. Where the gifted property was the right to recover the credited amount from the firm, that enforceable right stood exclusively transferred to the wife, and the donor retained no control, benefit, or enjoyment. On that basis, the deemed-passing provision was inapplicable and the amount was not includible in the donor's estate. en-us Wed, 28 Jul 1971 00:00:00 +0530 Sun, 26 Apr 2009 22:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8462 A valid gift may be made by book entries where the donor's claim is replaced by the donee's claim and the donee accepts and acts on the transfer. For section 10 of the Estate Duty Act, the decisive inquiry is the real subject-matter of the gift and whether the donee immediately assumed possession and enjoyment of that property to the entire exclusion of the donor. Where the gifted property was the right to recover the credited amount from the firm, that enforceable right stood exclusively transferred to the wife, and the donor retained no control, benefit, or enjoyment. On that basis, the deemed-passing provision was inapplicable and the amount was not includible in the donor's estate. Case-Laws Income Tax Wed, 28 Jul 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8462