(5)The value of any assets transferred under an irrevocable transfer shall be liable to be included in computing the net wealth of the transferor as and when the power to revoke arises to him.[(5-A) Where a gift of money from one person to another is made by means of entries in the books of account maintained by the person making the gift or by an individual or a Hindu undivided family or a firm or an association of persons or body of individuals with whom or which he has business or other relationship, the value of such gift shall be liable to be included in computing the net wealth of the person making the gift unless he proves to the satisfaction of the ] [Inserted by Act 41 of 1975, Section 82 (w.e.f. 1.4.1976). ][Assessing Officer] [ Substituted by Act 4 of 1988, Section 127, for " Wealth-tax Officer" (w.e.f. 1.4.1988).][that the money has actually been delivered to the other person at the time the entries were made.] [Inserted by Act 41 of 1975, Section 82 (w.e.f. 1.4.1976). ]
