https://www.taxtmi.com/caselaws?id=18204 A compulsory deposit under the Compulsory Deposit Scheme (Income-tax Payers) Act, 1974 is not an annuity for purposes of section 2(e)(2)(ii) of the Wealth-tax Act, 1957. Because the Wealth-tax Act did not define "annuity", the term was given its ordinary legal meaning as a right to fixed periodic payments. The scheme required a deposit to be repaid later with interest, and section 7A treated it as a deposit for exemption purposes rather than as an annuity. The claim to exemption therefore failed, and the amount was treated as an asset. en-us Fri, 21 Jun 1996 00:00:00 +0530 Tue, 29 Sep 2009 14:25:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18204 A compulsory deposit under the Compulsory Deposit Scheme (Income-tax Payers) Act, 1974 is not an annuity for purposes of section 2(e)(2)(ii) of the Wealth-tax Act, 1957. Because the Wealth-tax Act did not define "annuity", the term was given its ordinary legal meaning as a right to fixed periodic payments. The scheme required a deposit to be repaid later with interest, and section 7A treated it as a deposit for exemption purposes rather than as an annuity. The claim to exemption therefore failed, and the amount was treated as an asset. Case-Laws Wealth-tax Fri, 21 Jun 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18204