https://www.taxtmi.com/caselaws?id=62791 A statutory right to fixed periodical repayments under the Compulsory Deposit Scheme was treated as an annuity, and because it was not voluntarily purchased and was not generally commutable into a lump sum, it fell outside the definition of taxable assets under the Wealth-tax Act, 1957. The car was also excluded from net wealth, the exemption being applied consistently with the positions accepted in the preceding and succeeding assessment years. On both issues, the assessee succeeded and the revenue's appeal failed in full. en-us Fri, 18 Feb 1983 00:00:00 +0530 Fri, 21 Jan 2011 17:35:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62791 A statutory right to fixed periodical repayments under the Compulsory Deposit Scheme was treated as an annuity, and because it was not voluntarily purchased and was not generally commutable into a lump sum, it fell outside the definition of taxable assets under the Wealth-tax Act, 1957. The car was also excluded from net wealth, the exemption being applied consistently with the positions accepted in the preceding and succeeding assessment years. On both issues, the assessee succeeded and the revenue's appeal failed in full. Case-Laws Wealth-tax Fri, 18 Feb 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62791