https://www.taxtmi.com/caselaws?id=60556 A gift by book entries is not invalid merely because there was no physical handing over of cash; validity turns on real and effective delivery and the genuineness of the transaction, assessed from the surrounding circumstances. A statutory insertion effective from 1 April 1976 did not create a rule that automatically invalidated earlier transfers completed before that date. Prior assessment treatment and an assessee's earlier admission were only relevant circumstances and did not by themselves prove genuineness. The orders were set aside and the matter remitted for fresh examination of whether the gift was genuinely implemented. 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=60556 A gift by book entries is not invalid merely because there was no physical handing over of cash; validity turns on real and effective delivery and the genuineness of the transaction, assessed from the surrounding circumstances. A statutory insertion effective from 1 April 1976 did not create a rule that automatically invalidated earlier transfers completed before that date. Prior assessment treatment and an assessee's earlier admission were only relevant circumstances and did not by themselves prove genuineness. The orders were set aside and the matter remitted for fresh examination of whether the gift was genuinely implemented. Case-Laws Wealth-tax Thu, 20 Dec 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60556