https://www.taxtmi.com/caselaws?id=193326 The court determined that a gift made through debit and credit entries in a firm's account books was valid, emphasizing that the method of transfer should be considered natural. Despite insufficient physical cash, the court found the gift genuine as the donees' accounts were credited, and withdrawals were allowed. The court ruled in favor of the assessee, allowing the deduction of interest paid to the donees under Section 10(2)(iii) of the Income-tax Act and awarded costs to the assessee, including a counsel's fee of Rs. 250. en-us Mon, 17 Jan 1966 00:00:00 +0530 Mon, 24 Jul 2017 17:20:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=193326 The court determined that a gift made through debit and credit entries in a firm's account books was valid, emphasizing that the method of transfer should be considered natural. Despite insufficient physical cash, the court found the gift genuine as the donees' accounts were credited, and withdrawals were allowed. The court ruled in favor of the assessee, allowing the deduction of interest paid to the donees under Section 10(2)(iii) of the Income-tax Act and awarded costs to the assessee, including a counsel's fee of Rs. 250. Case-Laws Income Tax Mon, 17 Jan 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=193326