https://www.taxtmi.com/caselaws?id=276618 A trust deed was held to constitute a valid settlement where the settlor divested himself of the property, retained no power of revocation, and kept no beneficial control over corpus or income. On the tax issue, income from the trust properties was held not taxable in the settlor's hands under section 16(1)(c) because the deeming provision applies only where the settlor retains a lawful right to retransfer assets or income, or otherwise reassume power over them. A clause limiting beneficiaries' ability to challenge the trustees' dealings did not amount to revocable control. The trust income was therefore outside the assessee's taxable income. en-us Mon, 15 May 1950 00:00:00 +0530 Wed, 14 Nov 2018 17:22:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276618 A trust deed was held to constitute a valid settlement where the settlor divested himself of the property, retained no power of revocation, and kept no beneficial control over corpus or income. On the tax issue, income from the trust properties was held not taxable in the settlor's hands under section 16(1)(c) because the deeming provision applies only where the settlor retains a lawful right to retransfer assets or income, or otherwise reassume power over them. A clause limiting beneficiaries' ability to challenge the trustees' dealings did not amount to revocable control. The trust income was therefore outside the assessee's taxable income. Case-Laws Income Tax Mon, 15 May 1950 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276618