The Annuity Deposit Scheme 1966 provide for refund of whole of the deposit in relation to any particular assessment year. - Income Tax - 200/CBDT

INSTRUCTION NO 200/CBDT, Dated: August 2, 1970 A reference is invited to the Board's Circular No.11(F.No.10(23)/69/TPL) dated the 26th March, 1969 on the subject mentioned above. It has been brought to the notice of the Board that partial refunds of annuity deposits are still being authorised by some ITOs, especially in cases where the deposits were made by persons in difference instalments or at different places. As explained in the Circular referred to above, the Annuity Deposit Scheme, 1964 and the Annuity Deposit Scheme 1966 provide for refund of whole of the deposit in relation to any particular assessment year. There is no provision authorising the issue of partial refunds in respect of excess deposits made by persons who were liable to make annuity deposits under the aforesaid schemes in relation to the relevant assessment year: such excess deposits can, however, be adjusted in subsequent years in the manner prescribed in the Schemes. No partial refund of annuity deposits should, therefore, be authorised even in cases where the deposits in relation to a particular assessment year were made at different places or in different instalments. 2. These instructions may please be brought to the notice of all concerned.