https://www.taxtmi.com/caselaws?id=17452 Compulsory deposits under the Compulsory Deposit (Income-tax Payers) Act, 1974 were treated as assets includible in net wealth because section 7A, inserted retrospectively, deems them to be deposits with a banking company for exemption purposes under the Wealth-tax Act, 1957. The court held that the statutory deeming fiction did not exclude such deposits from section 2(e), and the exemption already available under section 5(1)(iv) did not require any reduction in their value. The deposits were therefore includible at face value, without discounting. en-us Tue, 02 Jul 1996 00:00:00 +0530 Tue, 22 Sep 2009 14:12:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17452 Compulsory deposits under the Compulsory Deposit (Income-tax Payers) Act, 1974 were treated as assets includible in net wealth because section 7A, inserted retrospectively, deems them to be deposits with a banking company for exemption purposes under the Wealth-tax Act, 1957. The court held that the statutory deeming fiction did not exclude such deposits from section 2(e), and the exemption already available under section 5(1)(iv) did not require any reduction in their value. The deposits were therefore includible at face value, without discounting. Case-Laws Wealth-tax Tue, 02 Jul 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17452