Annuity asset valuation: commuted annuity value includible in net wealth for wealth-tax, calculated per commuted value table.
The right to receive annuities on annuity deposits is an asset includible in net wealth because such annuities can be commuted under the proviso to section 280D of the Income-tax Act. The value to be included as at the valuation date is the amount payable on commutation, calculated in accordance with the "Table commuted value of annuities" in the Annuity Deposit Scheme, using unit-wise computation for Rs.1,000, Rs.100 and Rs.10 components.

Development rebate admissibility preserved where reserve exceeds statutory percentage provided statutory reserve requirement is met.
The allowance of a development rebate is not to be denied merely because the amount credited to the development rebate reserve exceeds the statutory percentage; the Board's earlier observation about reserve treatment related solely to capital computation for super profits tax and did not affect the admissibility of the rebate where the statutory reserve requirement is met.

Development rebate allowance: excess reserve creation does not by itself bar deduction where statutory reserve requirement is met.
Development rebate deduction remains allowable where the credited development rebate reserve exceeds the statutory percentage because excess provisioning does not, by itself, violate the requirement to create a reserve equal to the prescribed percentage; the Board's earlier comment related only to treating such amounts as a "reserve" for capital computation under rule 1 of the Second Schedule to the Super Profits Tax Act and not to denial of the rebate.