Transfer irrevocable for a specified period

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..... pecified period 62. (1) The provisions of section 61 shall not apply to any income arising to any person by virtue of a transfer (i) by way of trust which is not revocable during the lifetim .....

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..... all income arising to any person by virtue of any such transfer shall be chargeable to income-tax as the income of the transferor as and when the power to revoke the transfer arises, and shall then b .....

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