"Transfer" and "revocable transfer" defined.63.
For the purposes of sections 60
and of this section,—(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.