ITAT rightly invoked sec. 62 as income from revocable transfer of assets chargeable to tax in hands of transferors

IT: Where funds were transferred by beneficiaries to a trust created by State Government were revocable after three years, provisions of section 62(2) clearly attracted to assessee's case and, thus, income arising by virtue of a revocable transfer of assets would be chargeable to tax as income of transferors and would be included in their total income

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