Transfer of income without transfer of assets

CHAPTER V

INCOME OF OTHER PERSONS INCLUDED IN TOTAL INCOME OF ASSESSEE

All income arising to any person by virtue of a transfer,—

1. (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.