Law: Income Tax Act, 1961

Section: 280D

Income-tax-----Income---Annuity deposit ---Refund--Assessee executor of estate--¬Amount deposited by deceased under annuity deposit scheme---Annuity with interest repaid in regular instalments---Income assessable in hands of assessee----Indian Income Tax Act, 1961, S.280-D. As the executor of an estate the assessee received amounts of instalments of annuity along with interest relating to the assessment years 1971-72 to 1975-76 and 1977-78. The deceased has deposited a certain sum under the Annuity Deposit Scheme, which along with interest was repaid in 10 equal instalments to the assessee. The assessee in the assessment proceedings contended that these sums were not taxable as income in his hands. Though on appeal, the Appellate Assistant Commissioner accepted the assessee's stand, the Tribunal held the amount to be taxable as income in the hands of the assessee. On a reference: Held, that the refund of the annuity deposit received by the assessee as executor of the estate of the deceased depositor was income assessable in the hands of the assessee. Padam Shree N.N. Mohan v. CIfi (1984) 150 ITR 92 (Delhi) fol. CIT v. Rodhan H. Shroff (Dr.) (1994) 207 ITR 957 (Bom.) and CIT v. Talwar (O.N.) (1980) 123 ITR 80 (Delhi) ref. JUDGMENT D.K. JAIN, J.---In these references under section 256(1) of the Income-tax Act, 1961 (for short, "the Act"), pertaining to the assessment years 1971-72 to 1975-76 and 1977-78, at the instance of the assessee, the following questions of law have been referred for the opinion of this Court: For assessment years 1971-72 to 1974-75: "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the refund of annuity of Rs.19,656 to the assessee (as the executor of the estate of the late Shri N. N. Mohan) was income assessable in his hands as such executor, for each of the assessment years 1971-72, 1972-73, 1973-74, and 1974-75?" For assessment years 1975-76 and 1977-78: "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the refund of annuity of Rs.19,656 for the assessment year 1975-76 and Rs. 11, 586 for the assessment year 1977-78 to the…

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