Income-tax Act, 1961 · Chapter V: Income of Other Persons, Included in Assessee‘S Total Income
Section 60: Transfer of income where there is no transfer of assets
The Income-tax Act, 1961 was repealed by the Income-tax Act, 2025 from 1 April 2026. The text is kept here because the judgments below apply it.
All income arising to any person by virtue of a transfer whether revocable or not and whether effected before or after the commencement of this Act shall, where there is no transfer of the assets from which the income arises, be chargeable to income-tax as the income of the transferor and shall be included in his total income.
Source: India Code (Legislative Department), the text of the Act as it stood before its repeal. Words in square brackets [ ] were inserted or substituted by later amending Acts, and *** marks words omitted by an amendment. The amendment footnotes are not reproduced here. Official text on India Code.
Supreme Court judgments citing the section 60
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Bank of Rajasthan Ltd. v. Commissioner of Income Tax
Issue arose as regards the treatment to be given to broken period interest, whether a deduction of the broken period interest can be claimed by the Bank, purchaser of the government Securities.
- Dalmia Cement Ltd., Rajasthan v. Commissioner of Income Tax, New Delhi
- Madras Co-Operative Central Land Mortgage Bank Ltd. v. Commissioner of Income-Tax, Madras