https://www.taxtmi.com/caselaws?id=15249 An absolute transfer of funds to a trust without any power of revocation divests the transferor of ownership, so the gifted corpus is not includible in her wealth under section 4(1)(a)(iv) of the Wealth-tax Act, 1957. On the same footing, interest income arising from such irrevocable gifts cannot be assessed in the transferor's hands under section 61 of the Income-tax Act, 1961, because the transfer is not a revocable transfer attracting the anti-avoidance provision. The gifted amounts were therefore excluded from wealth computation, and the related income was not taxed in the transferor's hands. en-us Thu, 27 Aug 1998 00:00:00 +0530 Tue, 04 Aug 2009 12:27:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15249 An absolute transfer of funds to a trust without any power of revocation divests the transferor of ownership, so the gifted corpus is not includible in her wealth under section 4(1)(a)(iv) of the Wealth-tax Act, 1957. On the same footing, interest income arising from such irrevocable gifts cannot be assessed in the transferor's hands under section 61 of the Income-tax Act, 1961, because the transfer is not a revocable transfer attracting the anti-avoidance provision. The gifted amounts were therefore excluded from wealth computation, and the related income was not taxed in the transferor's hands. Case-Laws Income Tax Thu, 27 Aug 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15249