https://www.taxtmi.com/caselaws?id=29158 A trust deed, though executed before 1 April 1961, was examined under the Income-tax Act, 1961 for the relevant assessment years. Sections 61 to 63 treat income from a revocable transfer as taxable in the transferor's hands, and a transfer is revocable if the deed expressly or indirectly permits retransfer of income or assets, or a reassumption of power over them. On the deed's terms, the settlor's retained right to reside in part of the property and receive a fixed annual amount out of trust income constituted a reservation of benefit and power. The trust was therefore treated as revocable, and the income was assessable in the settlor's hands. en-us Tue, 09 Dec 1980 00:00:00 +0530 Thu, 11 Mar 2010 11:53:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29158 A trust deed, though executed before 1 April 1961, was examined under the Income-tax Act, 1961 for the relevant assessment years. Sections 61 to 63 treat income from a revocable transfer as taxable in the transferor's hands, and a transfer is revocable if the deed expressly or indirectly permits retransfer of income or assets, or a reassumption of power over them. On the deed's terms, the settlor's retained right to reside in part of the property and receive a fixed annual amount out of trust income constituted a reservation of benefit and power. The trust was therefore treated as revocable, and the income was assessable in the settlor's hands. Case-Laws Income Tax Tue, 09 Dec 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29158