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TMI Blog2002 (6) TMI 22X X X X Extracts X X X X X X X X Extracts X X X X ..... ct, the amount standing to the credit of the assessee as compulsory deposits would not be liable to wealth-tax. It appears that the Tribunal's attention has not been drawn to this provision when the Tribunal has decided the matter following the decision of the Delhi Bench in the case of WTO v. S. D. Nargolwala. In any case, the view taken by the Tribunal does not call for any interference by this ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e, 1974. He has also rejected the alternative contention raised by the assessee to have the said deposit valued on actuarial basis and the discounted value included in the net wealth of the assessee. The assessee preferred an appeal before the Appellate Assistant Commissioner who confirmed the view taken by the Wealth-tax Officer. The matter was carried by the assessee to the Tribunal and the Trib ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n by the Calcutta High Court that the deposit under the Compulsory Deposit Scheme was clearly a deposit. There are substantial differences in the two schemes, namely, Annuity Deposit Scheme and Compulsory Deposit (Income-tax Payers) Scheme. The difference is with regard to deposit, commutation and repayment of the deposit. The Tribunal was right in holding that the assessee was not entitled to ded ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... emption under section 5 of the Wealth-tax Act, to the compulsory deposits is another indication of the intention of the Legislature to treat the deposits as assets and grant exemption because the deposits under the Compulsory Deposit Scheme would not otherwise be entitled to any exemption under the Wealth-tax Act. Since a specific exemption was granted by virtue of the amendment made in the Wea ..... X X X X Extracts X X X X X X X X Extracts X X X X
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