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The Income-Tax Act, 1961 63. "Transfer" and "revocable transfer" defined.- For the purposes of sections 60, 61 and 62 and of this section,- (a) a transfer shall be deemed to be revocable if- (i) it contains any provision for the re-transfer directly or indirectly of the whole or any part of the income or assets to the transferor, or (ii) it, in any way, gives the transferor a right to re-assume power directly or indirectly over the whole or any part of the income or assets ; (b) "transfer" includes any settlement, trust, covenant, agreement or arrangement.    |
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