https://www.taxtmi.com/caselaws?id=60055 The ITAT CALCUTTA-B allowed the appeals, setting aside the CIT's order under section 263 of the Income-tax Act for the assessment years 1981-82 and 1982-83. The Tribunal held that the trusts created by the assessee were not revocable under section 63(a)(ii) of the Act as the Settlor did not have the power to reassume control over the income or assets of the trusts, as required for revocability. The judgment emphasized the importance of the settlor's direct or indirect reassumption of power over trust assets for revocability to apply, ultimately ruling in favor of the assessee. en-us Thu, 05 May 1988 00:00:00 +0530 Mon, 03 Jan 2011 15:21:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60055 The ITAT CALCUTTA-B allowed the appeals, setting aside the CIT's order under section 263 of the Income-tax Act for the assessment years 1981-82 and 1982-83. The Tribunal held that the trusts created by the assessee were not revocable under section 63(a)(ii) of the Act as the Settlor did not have the power to reassume control over the income or assets of the trusts, as required for revocability. The judgment emphasized the importance of the settlor's direct or indirect reassumption of power over trust assets for revocability to apply, ultimately ruling in favor of the assessee. Case-Laws Income Tax Thu, 05 May 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60055