https://www.taxtmi.com/caselaws?id=37655 Book entries can constitute a valid gift for gift-tax purposes if they place the amount beyond the donor's control and divest ownership in favour of the transferee without consideration. Here, the assessee transferred funds from her partnership account to her husband's account, and the amount was later treated as part of a partial partition among the husband and sons. As she retained no continuing right to recover the amount, the transfer was held to be a taxable gift under the Gift-tax Act, 1958. The contention that the amount was merely an actionable claim was rejected. en-us Tue, 02 Jan 1979 00:00:00 +0530 Wed, 31 Mar 2010 12:01:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37655 Book entries can constitute a valid gift for gift-tax purposes if they place the amount beyond the donor's control and divest ownership in favour of the transferee without consideration. Here, the assessee transferred funds from her partnership account to her husband's account, and the amount was later treated as part of a partial partition among the husband and sons. As she retained no continuing right to recover the amount, the transfer was held to be a taxable gift under the Gift-tax Act, 1958. The contention that the amount was merely an actionable claim was rejected. Case-Laws Income Tax Tue, 02 Jan 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37655