https://www.taxtmi.com/caselaws?id=28924 A trust deed that clearly identifies the trust property and object can create a valid trust even where the settlor reserves a future power of revocation, provided the property is presently divested in favour of the trustees on execution. On that basis, ownership of the settled shares passed to the trustees, and the income arising from the trust property could not be assessed as the settlor's income in the relevant years. The governing principle is that present transfer to trustees is not defeated by a reserved revocation right operating only at a later stage. en-us Tue, 11 May 1982 00:00:00 +0530 Mon, 08 Mar 2010 16:46:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28924 A trust deed that clearly identifies the trust property and object can create a valid trust even where the settlor reserves a future power of revocation, provided the property is presently divested in favour of the trustees on execution. On that basis, ownership of the settled shares passed to the trustees, and the income arising from the trust property could not be assessed as the settlor's income in the relevant years. The governing principle is that present transfer to trustees is not defeated by a reserved revocation right operating only at a later stage. Case-Laws Income Tax Tue, 11 May 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28924