https://www.taxtmi.com/caselaws?id=290138 Income arising from assets settled under a revocable transfer was treated as the transferor's income once the amending provision became operative. The court noted that section 16(1)(c) deems income from a revocable transfer to belong to the transferor, and that assessment must be made under the law in force on the date of assessment rather than the law applicable when the income was earned. The absence of express words in the latter part of the clause did not limit its application. On that basis, the income was taxable in the assessee's hands. en-us Mon, 15 Sep 1941 00:00:00 +0530 Thu, 10 Sep 2020 16:10:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290138 Income arising from assets settled under a revocable transfer was treated as the transferor's income once the amending provision became operative. The court noted that section 16(1)(c) deems income from a revocable transfer to belong to the transferor, and that assessment must be made under the law in force on the date of assessment rather than the law applicable when the income was earned. The absence of express words in the latter part of the clause did not limit its application. On that basis, the income was taxable in the assessee's hands. Case-Laws Income Tax Mon, 15 Sep 1941 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290138