https://www.taxtmi.com/caselaws?id=16310 The High Court held that the gifts made by book entries on March 31, 1969, March 31, 1970, and May 1, 1970, were invalid due to insufficient cash balances. As a result, the amounts were included in the assessee's wealth-tax assessment. The court determined that while the gifts were invalid, they were valid to the extent of the available cash balances. The court affirmed the Tribunal's decision and clarified that the Wealth-tax Officer had jurisdiction to question the validity of the gifts. The court concluded that the gifts should be included in the assessment but limited to the cash balances available at the time of gifting. en-us Fri, 28 Nov 1997 00:00:00 +0530 Sat, 05 Sep 2009 18:08:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16310 The High Court held that the gifts made by book entries on March 31, 1969, March 31, 1970, and May 1, 1970, were invalid due to insufficient cash balances. As a result, the amounts were included in the assessee's wealth-tax assessment. The court determined that while the gifts were invalid, they were valid to the extent of the available cash balances. The court affirmed the Tribunal's decision and clarified that the Wealth-tax Officer had jurisdiction to question the validity of the gifts. The court concluded that the gifts should be included in the assessment but limited to the cash balances available at the time of gifting. Case-Laws Wealth-tax Fri, 28 Nov 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16310