Annuity deposit refund policy prohibits partial refunds; excess deposits must be adjusted in subsequent years. Annuity deposit refunds under the Annuity Deposit Scheme, 1964 and 1966 must be refunds of the whole deposit for a particular assessment year; partial refunds for excess deposits are not authorised. Deposits made in different instalments or at different places for the same assessment year must be treated collectively, and any excess may be adjusted in subsequent years as prescribed by the Schemes.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Annuity deposit refund policy prohibits partial refunds; excess deposits must be adjusted in subsequent years.
Annuity deposit refunds under the Annuity Deposit Scheme, 1964 and 1966 must be refunds of the whole deposit for a particular assessment year; partial refunds for excess deposits are not authorised. Deposits made in different instalments or at different places for the same assessment year must be treated collectively, and any excess may be adjusted in subsequent years as prescribed by the Schemes.
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