https://www.taxtmi.com/caselaws?id=27765 The High Court held that a settlement deed transferring shares in a business to family members was revocable under sections 60 to 63 of the Income Tax Act. The court emphasized provisions regarding retransfer of income or assets to the transferor, deeming the transfer revocable. It rejected arguments that revocability applied to specific shares or ceased after partnership formation. The settlement deed's terms continued to govern income assessment, leading to the inclusion of business income in the transferor's total income. The court ruled in favor of assessing income based on the deed's revocable nature, with no costs awarded. en-us Fri, 05 Aug 1983 00:00:00 +0530 Tue, 16 Feb 2010 10:04:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27765 The High Court held that a settlement deed transferring shares in a business to family members was revocable under sections 60 to 63 of the Income Tax Act. The court emphasized provisions regarding retransfer of income or assets to the transferor, deeming the transfer revocable. It rejected arguments that revocability applied to specific shares or ceased after partnership formation. The settlement deed's terms continued to govern income assessment, leading to the inclusion of business income in the transferor's total income. The court ruled in favor of assessing income based on the deed's revocable nature, with no costs awarded. Case-Laws Income Tax Fri, 05 Aug 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27765