https://www.taxtmi.com/caselaws?id=28092 Book entries can constitute a valid gift for tax purposes when the donor's intention, the donees' acceptance, and actual implementation in the accounts are established, even without a formal gift deed or stamp duty compliance. The Bombay HC followed earlier authority and treated the credited transfers as effective gifts because the transactions were genuinely acted upon by both sides. Once the gifts were validly made, the related interest on the transferred amounts could not be brought back into the assessee's income merely for want of documentary formality. The issues were answered in favour of the assessee. en-us Fri, 24 Feb 1984 00:00:00 +0530 Fri, 19 Feb 2010 10:32:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28092 Book entries can constitute a valid gift for tax purposes when the donor's intention, the donees' acceptance, and actual implementation in the accounts are established, even without a formal gift deed or stamp duty compliance. The Bombay HC followed earlier authority and treated the credited transfers as effective gifts because the transactions were genuinely acted upon by both sides. Once the gifts were validly made, the related interest on the transferred amounts could not be brought back into the assessee's income merely for want of documentary formality. The issues were answered in favour of the assessee. Case-Laws Income Tax Fri, 24 Feb 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28092