https://www.taxtmi.com/caselaws?id=5058 A settlement deed that reserved to the settlor power to cancel, revoke or alter the arrangement on specified contingencies was treated as a revocable transfer under the first proviso to section 9(1) of the Madras Agricultural Income-tax Act, 1955. Because the settlor could reassume control over the assets or the income, the agricultural income from the settled lands remained assessable in the settlor's hands. The argument based on section 126 of the Transfer of Property Act was rejected on the footing that the gift was valid but revocable. The constitutional challenge to section 9(1) was not entertained because the taxing authorities lacked jurisdiction to decide its validity. en-us Thu, 20 Jul 1967 00:00:00 +0530 Wed, 19 Nov 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5058 A settlement deed that reserved to the settlor power to cancel, revoke or alter the arrangement on specified contingencies was treated as a revocable transfer under the first proviso to section 9(1) of the Madras Agricultural Income-tax Act, 1955. Because the settlor could reassume control over the assets or the income, the agricultural income from the settled lands remained assessable in the settlor's hands. The argument based on section 126 of the Transfer of Property Act was rejected on the footing that the gift was valid but revocable. The constitutional challenge to section 9(1) was not entertained because the taxing authorities lacked jurisdiction to decide its validity. Case-Laws Income Tax Thu, 20 Jul 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5058