G.K. MITTER, J.

1. IN this reference the point of issue is whether a trust deed was executed by the assessee contains a provision for the retransfer directly or indirectly of the income or assets of the trust property to him or in any way gives him a right to reassume power directly or indirectly over the said income or assets. It was argued on behalf of the Revenue that the trust deed contains more than one such provision by reason whereof the transfer of assets to the trustees can be said to be revocable within the meaning of s. 16(1)(c) of the Indian IT Act and all income from the trust property must be deemed to be the income of the assessee and taxed as such.

2. THE settlor in this case owned valuable immovable properties situate in Calcutta and elsewhere. Being minded to settle these for the benefit of himself, his three sons, one being unmarried, and two daughters-in-law, he executed a deed of trust on 10th Aug., 1949, under which he along with his sons became the trustees. The properties described in the schedule to the deed are the trust properties subject to the conditions laid down in cl. (5) of the document. The deed recites that the settlor was possessed of the