§96
Section 96 — Transfer of income without transfer of assets
In plain terms: This section says income arising to a person under a transfer where no assets are transferred is taxed as the income of the transferor (the person who made the transfer).
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.