https://www.taxtmi.com/caselaws?id=38827 Contemporaneous book entries in a family firm's accounts, coupled with the donees' written acceptance and authority to retain the amounts in the business, were treated as sufficient to complete a gift of movable property without physical delivery or a registered instrument. Applying the statutory concept of delivery for movable property, the analysis treated the donor as holding the amounts for the donees after the entries and acceptance. The cited revenue authorities were distinguished on facts where acceptance, available funds, or genuine transfer were absent. On that basis, the gifts were complete on 28 March 1957 and fell outside gift tax. en-us Thu, 24 Jun 1976 00:00:00 +0530 Fri, 09 Apr 2010 12:33:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38827 Contemporaneous book entries in a family firm's accounts, coupled with the donees' written acceptance and authority to retain the amounts in the business, were treated as sufficient to complete a gift of movable property without physical delivery or a registered instrument. Applying the statutory concept of delivery for movable property, the analysis treated the donor as holding the amounts for the donees after the entries and acceptance. The cited revenue authorities were distinguished on facts where acceptance, available funds, or genuine transfer were absent. On that basis, the gifts were complete on 28 March 1957 and fell outside gift tax. Case-Laws Income Tax Thu, 24 Jun 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38827