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.