https://www.taxtmi.com/caselaws?id=38835 The High Court of Bombay affirmed the validity of a gift made by an assessee to his son through entries in the books of account. The court held that the gift was valid as there was evidence of the donor's intention, acceptance by the donee, and action based on the gift by both parties. Relying on the precedent set in Chimanbhai Lalbhai v. Commissioner of Income-tax, the court concluded that physical possession transfer was not necessary for a valid gift. The court's decision favored the assessee, establishing the validity of the gift and resolving the issues in favor of the assessee. en-us Fri, 29 Nov 1974 00:00:00 +0530 Fri, 09 Apr 2010 16:08:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38835 The High Court of Bombay affirmed the validity of a gift made by an assessee to his son through entries in the books of account. The court held that the gift was valid as there was evidence of the donor's intention, acceptance by the donee, and action based on the gift by both parties. Relying on the precedent set in Chimanbhai Lalbhai v. Commissioner of Income-tax, the court concluded that physical possession transfer was not necessary for a valid gift. The court's decision favored the assessee, establishing the validity of the gift and resolving the issues in favor of the assessee. Case-Laws Income Tax Fri, 29 Nov 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38835