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.[Similar to Section 63 from The Income Tax Act, 1961.-Also Refer]
