https://www.taxtmi.com/caselaws?id=59193 A compulsory deposit scheme account was analysed under wealth-tax principles and held not to qualify as an annuity under section 2(e)(ii) of the Wealth-tax Act, 1957. The amount credited to the account was treated as a deposit carrying interest, with repayment of principal and interest in instalments, and with variable returns inconsistent with the ordinary meaning of annuity. It was therefore includible in net wealth. The account was also not entitled to valuation discounting merely because withdrawals were restricted, since the deposit retained its ordinary bank-like character and face value remained the proper basis for inclusion. en-us Tue, 13 May 1986 00:00:00 +0530 Sat, 25 Dec 2010 14:41:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59193 A compulsory deposit scheme account was analysed under wealth-tax principles and held not to qualify as an annuity under section 2(e)(ii) of the Wealth-tax Act, 1957. The amount credited to the account was treated as a deposit carrying interest, with repayment of principal and interest in instalments, and with variable returns inconsistent with the ordinary meaning of annuity. It was therefore includible in net wealth. The account was also not entitled to valuation discounting merely because withdrawals were restricted, since the deposit retained its ordinary bank-like character and face value remained the proper basis for inclusion. Case-Laws Wealth-tax Tue, 13 May 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59193