1997 (7) TMI 105

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.... order passed by the Commissioner of Wealth-tax, Kanpur, under the provisions of section 25(1) of the Wealth-tax Act, 1957 (hereinafter referred to as the Act), whereby the Commissioner has refused to entertain the application for revision filed by the petitioners. The case of the petitioners is that under the provisions of the Compulsory Deposit Scheme (Income-tax Payers) Act, 1974, the petiti....

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....hat the aforesaid amounts were not taxable nor were liable to be assessed under the Wealth-tax Act standing to the credit of a subscriber under the compulsory deposit scheme which constitutes "annuity" within the meaning of section 2(e)(2)(ii) of the Act and, as such, the said balances are not assets within the meaning of section 2(e) of the Wealth-tax Act, 1957. Learned counsel for the petitioner....

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....ts commencing from the expiry of two years from the end of that financial year, together with interest due on the whole or, as the case may be, part of the amount of the compulsory deposit which has remained unpaid. The word "annuity" has been defined by the Supreme Court in the case of CWT v. P. K. Banerjee [1980] 125 ITR 641, wherein "annuity" has been observed as payment to be made periodica....