Avoidance of income-tax by transactions resulting in transfer of income to non-residents.

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....conjunction with associated operations, acquires any rights,-- (a) by virtue of which he has, within the meaning of this section, power to enjoy, whether forthwith or in the future, any income of a non-resident; and (b) such income would have been chargeable to income-tax if it were such first mentioned person's income, then, that income shall, whether or not it would have been chargeable to income-tax under any other provisions of this Act, be deemed to be the income of such first mentioned person for all the purposes of this Act. (3) If any such first mentioned person receives or is entitled to receive any capital sum,-- (a) the payment of which is in any way connected with the transfer or any associated o....

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....tions are or have been transferred; (b) any body corporate incorporated outside India shall be treated as if it were a non-resident; (c) a person shall be deemed to have power to enjoy the income of a nonresident if- (i) the income is in fact so dealt with by any person as to be calculated at some point of time and, whether in the form of income or not, to ensure for the benefit of the first mentioned person in sub-section (2) or (3); or (ii) the receipt or accrual of the income operates to increase the value to such first mentioned person of any assets held by him or for his benefit; or (iii) such first mentioned person receives or is entitled to receive at any time any benefit provided or to be....