https://www.taxtmi.com/caselaws?id=8486 A partner's advance to a firm can amount to an actionable claim, and a transfer of that claim by cheque for the benefit of minor donees was treated as a valid gift. The court reasoned that the firm held the money as agent or trustee for the donees, so the transaction did not fail for want of an instrument in writing. On estate duty, section 10 applied only if the donor retained possession or enjoyment of the gifted subject-matter to the exclusion of the donees; because the gift was made subject to partnership rights and the donor was excluded from the gifted interest, the amount was not includible in the estate. en-us Tue, 29 Feb 1972 00:00:00 +0530 Sun, 26 Apr 2009 23:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8486 A partner's advance to a firm can amount to an actionable claim, and a transfer of that claim by cheque for the benefit of minor donees was treated as a valid gift. The court reasoned that the firm held the money as agent or trustee for the donees, so the transaction did not fail for want of an instrument in writing. On estate duty, section 10 applied only if the donor retained possession or enjoyment of the gifted subject-matter to the exclusion of the donees; because the gift was made subject to partnership rights and the donor was excluded from the gifted interest, the amount was not includible in the estate. Case-Laws Income Tax Tue, 29 Feb 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8486