Transfer of income without transfer of assets
CHAPTER V
INCOME OF OTHER PERSONS INCLUDED IN TOTAL INCOME OF ASSESSEE
Transfer of income without transfer of assets.
96. All income arising to any person by virtue of a transfer,—
| (a) | whether revocable or not, and whether effected before or after the commencement of this Act; and | |
| (b) | where there is no transfer of assets from which such income arises, |
shall be chargeable to income-tax as the income of the transferor and shall be included in his total income.