Rule – 105, Penalty if employee assigns or charges interest in fund

105. If an employee assigns or creates a charge upon his beneficial interest in a fund, the ⁴⁶[Assessing Officer] shall give notice to the employee that if he does not secure the cancellation of the assignment or charge within two months of the date of receipt of the notice, the consideration received for such assignment or charge shall be deemed to be income received by him in the previous year in which the fact became known to the ⁴⁶[Assessing Officer] and shall be assessed accordingly.

Reference: www.incometaxindia.gov.in