SANKARAN K Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) The assessee retired as the Chief Justice of this court in 1960. In respect of his income tax assessments for the Assessment years 1964-65, 1965-66 and 1966-67 the question arose whether Annuity Deposit was payable under the provisions of Chap.22A of the Income Tax Act, 1961, introduced by the Finance Act, 1964. Overruling the assessee's contention, the Income tax Appellate Tribunal found that the Annuity Deposits were payable. It referred the following question of law under S.256(1) of the Income tax Act, for determination and opinion of this Court:

(2.) Chap.22A dealing with Annuity Deposit was introduced in the Income Tax Act by the provisions of the Finance Act, 1964, with effect from 1-4-1964. We may briefly notice the provisions of this Chapter. S.280A provides that the provisions of the Chapter shall apply to every person whether an individual, a Hindu undivided family, an unregistered firm, or an association of persons or body of individuals whether incorporated or not, or an artificial juridical person. S.280B deals with definitions. S.280C is important and is as follows:

(3.) By the Finance Act, 1966, the provisions of S.280K, R and T were omitted with effect from 1-4-1967. The determination of the Annuity Deposit payable by the assessee was made only by the assessment orders dated 28-3-1964, 9-1- 1970 and 7-11-1970.