1996 (6) TMI 66

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... the Income-tax Appellate Tribunal under section 27(1) of the Wealth-tax Act, 1957 (for short, " the Act "), for opinion of this court : " Whether, under the facts and circumstances of the case, the Tribunal was justified in facts as well as in law in holding the deposit of Rs. 3,69,320 being Compulsory Deposit (Income-tax Payers) Scheme, 1974, is exempt under section 2(e)(2)(ii) of the Wealth-ta .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ined thus : " An annuity is a certain sum of money payable yearly either as a personal obligation of the grantor or out of property not consisting exclusively of land. " In Jarman on Wills, " annuity " is defined thus : " An annuity is a right to receive de anno in annum a certain sum ; that may be given for life, or for a series of years ; it may be given during any particular period, or in .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... sory Deposit Scheme (Income-tax Payers) Act, 1974, above certain income an individual or a Hindu undivided family or a trustee is liable to make compulsory deposit to be received back with interest after a certain period of time. It is not a payment to the Government. At least the Act does not say so. Mr. Joshi draws our attention to section 7A of the Compulsory Deposit Scheme (Income-tax Payers) .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X