Revocable transfer rules treat retained control and re-transfer rights as sufficient to characterize income arrangements as revocable. Transfer for clubbing provisions includes settlements, trusts, covenants, agreements or arrangements. A transfer is revocable where it provides for re-transfer of income or assets to the transferor, or gives the transferor a direct or indirect right to re-assume power over them. Revocability is not confined to an express or unconditional power of cancellation; even a contingent or consent-based revocation mechanism may suffice if it preserves the transferor's ability to regain control.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Revocable transfer rules treat retained control and re-transfer rights as sufficient to characterize income arrangements as revocable.
Transfer for clubbing provisions includes settlements, trusts, covenants, agreements or arrangements. A transfer is revocable where it provides for re-transfer of income or assets to the transferor, or gives the transferor a direct or indirect right to re-assume power over them. Revocability is not confined to an express or unconditional power of cancellation; even a contingent or consent-based revocation mechanism may suffice if it preserves the transferor's ability to regain control.
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