1996 (6) TMI 66

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....f the Revenue, the following question has been referred to this court by the Income-tax Appellate Tribunal under section 27(1) of the Wealth-tax Act, 1957 (for short, " the Act "), for opinion of this court : " Whether, under the facts and circumstances of the case, the Tribunal was justified in facts as well as in law in holding the deposit of Rs. 3,69,320 being Compulsory Deposit (Income-tax ....

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....gland, third edition, volume 32, the meaning of the word " annuity " is explained thus : " An annuity is a certain sum of money payable yearly either as a personal obligation of the grantor or out of property not consisting exclusively of land. " In Jarman on Wills, " annuity " is defined thus : " An annuity is a right to receive de anno in annum a certain sum ; that may be given for life....

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....o be received by a person periodically, annually or in perpetuity. Under the Compulsory Deposit Scheme (Income-tax Payers) Act, 1974, above certain income an individual or a Hindu undivided family or a trustee is liable to make compulsory deposit to be received back with interest after a certain period of time. It is not a payment to the Government. At least the Act does not say so. Mr. Joshi draw....