https://www.taxtmi.com/caselaws?id=14978 A transfer of national savings certificates was held invalid because the mandatory requirement of previous written consent under the governing law was not satisfied. The Court held that the prescribed authority's consent was a statutory condition for a valid transfer, and in its absence the transfer could not be legally effective. It further held that estoppel could not be invoked to validate an act rendered invalid by statute, and an intimation to the Gift-tax Officer did not cure the defect or change the legal position. The resulting gift-tax consequence was therefore unsustainable, and the assessee succeeded. en-us Mon, 22 May 2000 00:00:00 +0530 Mon, 27 Jul 2009 13:52:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14978 A transfer of national savings certificates was held invalid because the mandatory requirement of previous written consent under the governing law was not satisfied. The Court held that the prescribed authority's consent was a statutory condition for a valid transfer, and in its absence the transfer could not be legally effective. It further held that estoppel could not be invoked to validate an act rendered invalid by statute, and an intimation to the Gift-tax Officer did not cure the defect or change the legal position. The resulting gift-tax consequence was therefore unsustainable, and the assessee succeeded. Case-Laws Income Tax Mon, 22 May 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14978