Section 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 com-
mencement 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.