“Transfer” and “revocable transfer” defined

“transfer” includes any settlement, trust, covenant, agreement or arrangement;

a transfer shall be considered 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.