https://www.taxtmi.com/caselaws?id=7124 A trust deed that reserved one-fourth of the income for the settlor was treated as a revocable transfer under section 16(1)(c), because the first proviso deems a settlement revocable where it provides for retransfer of income or confers a right to reassume control over the assets or income. The division of income into separate shares did not prevent the arrangement from being viewed as one revocable settlement. The third proviso was held inapplicable because it protects only settlements outside the first proviso and yielding no direct or indirect benefit to the settlor. As a result, the income from the settlement was includible in the settlor's hands. en-us Wed, 03 Jan 1968 00:00:00 +0530 Tue, 10 Feb 2009 19:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7124 A trust deed that reserved one-fourth of the income for the settlor was treated as a revocable transfer under section 16(1)(c), because the first proviso deems a settlement revocable where it provides for retransfer of income or confers a right to reassume control over the assets or income. The division of income into separate shares did not prevent the arrangement from being viewed as one revocable settlement. The third proviso was held inapplicable because it protects only settlements outside the first proviso and yielding no direct or indirect benefit to the settlor. As a result, the income from the settlement was includible in the settlor's hands. Case-Laws Income Tax Wed, 03 Jan 1968 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7124