(1)Where the owner of any securities (herein referred to as "the owner") sells or transfers such securities and buys back or reacquires them or buys or acquires any similar securities, any interest that becomes payable in respect of such securities,––(a)is receivable by a person other than the owner, shall be deemed, for all purposes of this Act, to be the income of the owner; and(b)shall not be the income of the other person,irrespective of whether it would have been chargeable to income-tax under any other provision of this Act.
