https://www.taxtmi.com/caselaws?id=60555 Section 4(5A) of the Wealth-tax Act was treated as addressing the real and effective transfer required for a valid gift, including gifts made by book entries, and not as a conclusive bar to examining a pre-insertion transaction. A book-entry gift is not invalid merely because there is no physical handing over of cash; genuineness depends on surrounding facts such as acceptance by the donees, supporting entries, available credit balance, and whether the donor retained control. Mere self-serving acceptance in another proceeding is insufficient. Where the factual inquiry is incomplete, the matter requires fresh verification of the transaction's true nature. en-us Thu, 20 Dec 1984 00:00:00 +0530 Wed, 05 Jan 2011 18:31:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60555 Section 4(5A) of the Wealth-tax Act was treated as addressing the real and effective transfer required for a valid gift, including gifts made by book entries, and not as a conclusive bar to examining a pre-insertion transaction. A book-entry gift is not invalid merely because there is no physical handing over of cash; genuineness depends on surrounding facts such as acceptance by the donees, supporting entries, available credit balance, and whether the donor retained control. Mere self-serving acceptance in another proceeding is insufficient. Where the factual inquiry is incomplete, the matter requires fresh verification of the transaction's true nature. Case-Laws Income Tax Thu, 20 Dec 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60555