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28. - Yet another distinguishing feature is the role played by Mr. Dwarka Prasad Agarwal in the trust, which is both as settler as well as beneficiary. On the other hand, Mrs. Kiran Agarwal has been designated only as a beneficiary of the trust. Although there is no prohibition in nominating a Settler as a beneficiary, if the terms of the trust deed provide so. However, it is customary for discretionary trust deeds to exclude the settler of a trust from being a beneficiary. Otherwise it leads the trust to acquire the characteristic of a "revocable trust" as the settlers retain full control over the terms of the trust and the assets contained within it. In such a situation, any income I.T.A. No.4591/Mum/2016 and other two appeals generated by revocable trust is taxable to the trust's settlers during his lifetime. As discussed in detail while highlighting the first distinguishing factor, the receipt of income in the hands of the appellant being "application of income of the trust received in F.Y. 2008-09" and not in the nature of capital receipt, there remains no doubt that the provisions of section 61- 63 are applicable to the income of the trust received by the appellant during A.Y.s 2010-11 and 2011-12.