Chapter V

Income of Other Persons Included In Total Income of Assessee

“Transfer” and “revocable transfer” defined.

98. For the purposes of sections 96 and 97, and this section,— (a) “transfer” includes any settlement, trust, covenant, agreement or arrangement; (b) a transfer shall be deemed to be revocable, if–– (i) it contains any provision for the direct or indirect re-transfer 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.