https://www.taxtmi.com/caselaws?id=49315 Court addressed whether dividends from 300 shares transferred to a trust were taxable as the settlor's income under the deeming provisions for settlements. Applying the proviso's test, the deed was held irrevocable and contained no provision for retransfer of income or assets to the settlor nor any right for the settlor to reassume control; incidental indirect benefit from discharge of settlor's obligations did not amount to a statutory retransfer or reassumption. Consequently the income was not attributable to the settlor and was not assessable as his income; revenue appeals were dismissed and the trust-treated dividends remained outside the settlor's tax net. en-us Fri, 09 Apr 1965 00:00:00 +0530 Wed, 20 Aug 2014 09:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49315 Court addressed whether dividends from 300 shares transferred to a trust were taxable as the settlor's income under the deeming provisions for settlements. Applying the proviso's test, the deed was held irrevocable and contained no provision for retransfer of income or assets to the settlor nor any right for the settlor to reassume control; incidental indirect benefit from discharge of settlor's obligations did not amount to a statutory retransfer or reassumption. Consequently the income was not attributable to the settlor and was not assessable as his income; revenue appeals were dismissed and the trust-treated dividends remained outside the settlor's tax net. Case-Laws Income Tax Fri, 09 Apr 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49315