https://www.taxtmi.com/caselaws?id=276740 A trust deed and its amendment provided for reversion of trust property or income to the settlor and preserved a right to reassume control over the assets, making the settlement revocable or deemed revocable under section 16(1)(c) of the Income-tax Act. The forfeiture and reversion clause was treated as a valid condition subsequent under section 31 of the Transfer of Property Act, so the first proviso to section 16(1)(c) applied. The third proviso also operated because the trust was not irrevocable for a period exceeding six years. As a result, the trust income was not assessable in the settlor's hands. en-us Tue, 09 May 1961 00:00:00 +0530 Fri, 16 Nov 2018 15:30:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276740 A trust deed and its amendment provided for reversion of trust property or income to the settlor and preserved a right to reassume control over the assets, making the settlement revocable or deemed revocable under section 16(1)(c) of the Income-tax Act. The forfeiture and reversion clause was treated as a valid condition subsequent under section 31 of the Transfer of Property Act, so the first proviso to section 16(1)(c) applied. The third proviso also operated because the trust was not irrevocable for a period exceeding six years. As a result, the trust income was not assessable in the settlor's hands. Case-Laws Income Tax Tue, 09 May 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276740