96. Transfer of income without transfer of assets.
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.[Similar to Section 60 from The Income Tax Act, 1961.-Also Refer]
