https://www.taxtmi.com/caselaws?id=39424 A valid gift of money may be proved by contemporaneous book entries supported by surrounding circumstances, including sufficient donor balances and actual credit of interest in the donees' accounts. Transfer of property and acceptance by the donee remain essential; on the facts, those elements were established, so the gifts were treated as genuine. The minority of the donees did not by itself invalidate the gifts. The book entries were therefore accepted as corroborative evidence of the transfers, and the interest credited on the donees' accounts was allowable as a deduction in the assessee-firm's hands. en-us Thu, 19 Dec 1974 00:00:00 +0530 Fri, 16 Apr 2010 13:17:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39424 A valid gift of money may be proved by contemporaneous book entries supported by surrounding circumstances, including sufficient donor balances and actual credit of interest in the donees' accounts. Transfer of property and acceptance by the donee remain essential; on the facts, those elements were established, so the gifts were treated as genuine. The minority of the donees did not by itself invalidate the gifts. The book entries were therefore accepted as corroborative evidence of the transfers, and the interest credited on the donees' accounts was allowable as a deduction in the assessee-firm's hands. Case-Laws Income Tax Thu, 19 Dec 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39424