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In ayat 65–68 a few other vital assertions are made about our subject that shed more light upon the above argument. Note what is said: 5:65. If only the People of the Book would believe and fear Allah, surely We would bring them into Gardens of Bliss. 66. If they had observed [practiced] the Torah and the Gospel and that which was sent down to them from their Lord, they would surely have been nourished from above them and from beneath their feet. Among them there are people who are moderate, but many of them are of evil conduct. Once again, how could the People of the Book, Jew or Gentile, observe or practice the Torah and the Gospel if both books were corrupted by the time of Muhammad? These words had to have meaning when they were written, and the unstated assumption that must be seen is that the Torah and the Gospel were right there for all to see, observe, and practice. The fault for the unbelief is placed not on the books of Scripture but at the feet of the people!
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James R. White (What Every Christian Needs to Know about the Qur'an)