https://www.taxtmi.com/caselaws?id=36261 The court held that the terms of the grant dated 23rd October, 1867, precluded the commutation of the right to annuity of Rs. 50,000 into a lump sum grant. The court emphasized that unless the annuitant had an explicit right to demand commutation, it should be considered precluded. The decision was in favor of the assessee, directing the revenue to bear the costs of the reference. en-us Mon, 07 Apr 1980 00:00:00 +0530 Sat, 20 Mar 2010 13:09:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36261 The court held that the terms of the grant dated 23rd October, 1867, precluded the commutation of the right to annuity of Rs. 50,000 into a lump sum grant. The court emphasized that unless the annuitant had an explicit right to demand commutation, it should be considered precluded. The decision was in favor of the assessee, directing the revenue to bear the costs of the reference. Case-Laws Wealth-tax Mon, 07 Apr 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36261