https://www.taxtmi.com/caselaws?id=58174 For wealth-tax purposes, a payment under the Compulsory Deposit Scheme was treated as a deposit and not as an annuity, because an annuity must be a fixed sum payable periodically and this scheme deposit did not satisfy that character. The valuation was therefore not reduced by discounting, as no special hazards or onerous restrictions justified a lower present value. The deposits were also held not comparable to annuity deposits under Chapter XXIIA of the Income-tax Act, since they were repayable in instalments and lacked the legal incidents of a true annuity. The separate loan-deduction issue was remitted for fresh examination. en-us Wed, 21 Jan 1987 00:00:00 +0530 Fri, 17 Dec 2010 17:01:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58174 For wealth-tax purposes, a payment under the Compulsory Deposit Scheme was treated as a deposit and not as an annuity, because an annuity must be a fixed sum payable periodically and this scheme deposit did not satisfy that character. The valuation was therefore not reduced by discounting, as no special hazards or onerous restrictions justified a lower present value. The deposits were also held not comparable to annuity deposits under Chapter XXIIA of the Income-tax Act, since they were repayable in instalments and lacked the legal incidents of a true annuity. The separate loan-deduction issue was remitted for fresh examination. Case-Laws Wealth-tax Wed, 21 Jan 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58174