https://www.taxtmi.com/caselaws?id=14470 A genuine gift effected through book entries was treated as having the same substance as payment in cash followed by application to discharge the donee's liability. Because the assessee's credit balance was reduced and the donee's liability to the firm stood extinguished to that extent, the transfer could not be brought into the assessee's net wealth under the Wealth-tax Act for the assessment year 1977-78. The amount was therefore excluded from net wealth, and the issue was answered in favour of the assessee. en-us Wed, 15 Nov 2000 00:00:00 +0530 Thu, 16 Jul 2009 11:18:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14470 A genuine gift effected through book entries was treated as having the same substance as payment in cash followed by application to discharge the donee's liability. Because the assessee's credit balance was reduced and the donee's liability to the firm stood extinguished to that extent, the transfer could not be brought into the assessee's net wealth under the Wealth-tax Act for the assessment year 1977-78. The amount was therefore excluded from net wealth, and the issue was answered in favour of the assessee. Case-Laws Wealth-tax Wed, 15 Nov 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14470