JKNP & ASSOCIATES

(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.