https://www.taxtmi.com/caselaws?id=62991 Compulsory deposit rights under the Compulsory Deposit Scheme were treated as property in law because they conferred enforceable rights to interest and repayment by instalments; they were not an annuity within the Wealth-tax Act exclusion, and even if characterised as one, it was a purchased annuity outside the exemption. Motor cars used in professional activity and allowed depreciation were business assets, not articles intended for personal or household use, so the section 5(1)(viii) exemption was unavailable. The assessee therefore failed on both wealth-tax exemption claims, and the Revenue's position prevailed. en-us Wed, 07 Apr 1982 00:00:00 +0530 Thu, 27 Jan 2011 11:11:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62991 Compulsory deposit rights under the Compulsory Deposit Scheme were treated as property in law because they conferred enforceable rights to interest and repayment by instalments; they were not an annuity within the Wealth-tax Act exclusion, and even if characterised as one, it was a purchased annuity outside the exemption. Motor cars used in professional activity and allowed depreciation were business assets, not articles intended for personal or household use, so the section 5(1)(viii) exemption was unavailable. The assessee therefore failed on both wealth-tax exemption claims, and the Revenue's position prevailed. Case-Laws Wealth-tax Wed, 07 Apr 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62991