Section 63. "Transfer" and "revocable transfer" defined

63. "Transfer" and "revocable transfer" defined. —For the purposes of sections 60, 61 and 62 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. 63. Confirmation of sale. —(1) Where no application is made for setting aside the sale under the foregoing rules or where such an application is made and disallowed by the Tax Recovery Officer, the Tax Recovery Officer shall (if the full amount of the purchase money has been paid) make an order confirming the sale, and, thereupon, the sale shall become absolute. 1. Ins. by Act 4 of 1988, s. 124 (w.e.f. 1-4-1989). 2. Subs. by Act 3 of 1989, s. 54, for "Income-tax Officer" (w.e.f. 1-4-1988). 3. The words "for payment to the Assessing Officer" omitted by Act 3 of 1989, s. 54 (w.e.f. 1-4-1989). 4. Subs. by Act 22 of 2007, s. 81, for "fifteen per cent. per annum" (w.e.f. 1-4-2008). Earlier it was substituted by Act 67 of 1984, s. 24 for "twelve per cent" (w.e.f. 1-10-1984). Earlier it was subs. by Act 16 of 1972, s. 25, for "nine per cent" (w.e.f. 1-4-1972). and it was subs. by Act 42 of 1970, s. 56, for "the rate of six per cent. per annum" (w.e.f. 1-4-1971). 5. Subs. by Act 3 of 1989, s. 54, for "Assessing Officer" (w.e.f. 1-4-1989). 6. Subs. by Act 25 of 2014, s. 4 for "Chief Commissioner" (w.e.f. 1-6-2013). 7. Subs. by s. 4, ibid ., for "Commissioner" (w.e.f. 1-6-2013). (2) Where such application is made and allowed, and where, in the case of an application made to set aside the sale on deposit of the amount and penalty and charges, the deposit is made within thirty days from the date of the sale, the Tax Recovery Officer shall make an order setting aside the sale: Provided that no order shall be made unless notice of the application has been given to the persons affected thereby.