https://www.taxtmi.com/caselaws?id=36528 A gift can be validly made by book entry where the donor intends to make the gift, the donee accepts it, and the transaction is acted upon, including use of the credited sum for property in the donees' names. Section 10 of the Estate Duty Act applies only if the donee does not immediately take bona fide possession and enjoyment to the donor's exclusion; it did not apply here because the minors were treated as owners of the credited amount. Section 44(a) did not bar deduction of the debt, as the transaction was bona fide, for full consideration, and met the statutory conditions. en-us Fri, 23 Jun 1978 00:00:00 +0530 Tue, 23 Mar 2010 10:30:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36528 A gift can be validly made by book entry where the donor intends to make the gift, the donee accepts it, and the transaction is acted upon, including use of the credited sum for property in the donees' names. Section 10 of the Estate Duty Act applies only if the donee does not immediately take bona fide possession and enjoyment to the donor's exclusion; it did not apply here because the minors were treated as owners of the credited amount. Section 44(a) did not bar deduction of the debt, as the transaction was bona fide, for full consideration, and met the statutory conditions. Case-Laws Income Tax Fri, 23 Jun 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36528