https://www.taxtmi.com/caselaws?id=56162 Compulsory Deposit Scheme deposits are not annuities excluded from wealth-tax assets because the annual receipts comprise instalments of principal and interest. Exemption cannot be claimed under the general annuity exclusion; it is available only through the scheme-specific deeming exemption under section 5(1)(xxvi) read with section 7A of the Wealth-tax Act. The specific statutory exemption confirms that such deposits are otherwise taxable wealth. The earlier approach treating compulsory deposits as exempt annuities was rejected, and wealth-tax liability applies subject to the limited statutory exemption. en-us Tue, 16 Jun 1998 00:00:00 +0530 Thu, 02 Dec 2010 10:09:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56162 Compulsory Deposit Scheme deposits are not annuities excluded from wealth-tax assets because the annual receipts comprise instalments of principal and interest. Exemption cannot be claimed under the general annuity exclusion; it is available only through the scheme-specific deeming exemption under section 5(1)(xxvi) read with section 7A of the Wealth-tax Act. The specific statutory exemption confirms that such deposits are otherwise taxable wealth. The earlier approach treating compulsory deposits as exempt annuities was rejected, and wealth-tax liability applies subject to the limited statutory exemption. Case-Laws Income Tax Tue, 16 Jun 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56162