1983 (11) TMI 44

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....HTA J.-The assessment year under reference is 1971-72, previous year relevant to the assessment year being S.Y. 2026 which ended on October 30, 1970. The assessee, P. M. Ghiya, since deceased, made an annuity deposit, and in the year of accounting relevant to the assessment year under reference, an amount of Rs. 6,636 was returned out of the said deposit to the estate of the deceased, P.M. Ghiya, ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....he allowed the said appeal and directed the deletion of the said amount. The Revenue carried the matter in appeal before the Tribunal which, following a decision of this court in CIT v. Narottamdas K. Nawab [1976] 102 ITR 455, held that the aforesaid amount of Rs. 6,636 was includible in the income of the estate of the deceased. In that view of the matter, the Tribunal reversed the order of the AA....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....t and did not carry the matter any further to the Supreme Court. The Division Bench in that case was concerned with the question as to whether the instalment of annuity deposit received by the karta of the assessee as nominee/legal representative of the deceased depositor was liable to be assessed as income of the assessee. The Division Bench, speaking through Divan C.J. (as he then was), held tha....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....al depositor and, therefore, having regard to the provisions of the I.T. Act, read with the Annuity Deposit Scheme, the annual payments which were made in the exercise of statutory powers were income in the hands of the nominee or the legal representative of the original depositor. Since the position is concluded, we have to answer the question as indicated above. Mr. Patel for the assessee mak....