https://www.taxtmi.com/caselaws?id=292011 Mere book entries in favour of a charitable institution did not complete a gift, because there was no acceptance by the donee and no evidence of delivery or completed transfer. In the absence of a completed gift, no enforceable debt or liability arose in the earlier accounting year, so the later transfer of shares could not be treated as a sale in discharge of a pre-existing obligation. The claimed loss was therefore not incurred in a sale transaction in the course of the assessee's share business and was not allowable as a revenue loss. en-us Thu, 29 Aug 1963 00:00:00 +0530 Fri, 04 Dec 2020 12:17:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=292011 Mere book entries in favour of a charitable institution did not complete a gift, because there was no acceptance by the donee and no evidence of delivery or completed transfer. In the absence of a completed gift, no enforceable debt or liability arose in the earlier accounting year, so the later transfer of shares could not be treated as a sale in discharge of a pre-existing obligation. The claimed loss was therefore not incurred in a sale transaction in the course of the assessee's share business and was not allowable as a revenue loss. Case-Laws Income Tax Thu, 29 Aug 1963 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=292011