Clubbing of Income applies where an otherwise irrevocable transfer becomes revocable or the transferor retains benefit, affecting taxable income. Section 62 treats transfers as not revocable during the beneficiary's lifetime or for a limited historical period, provided the transferor derives no direct or indirect benefit; clubbing of income into the transferor's hands arises when the power to revoke or equivalent ability to benefit emerges, irrespective of actual revocation.