1969 (8) TMI 4 - SUPREME COURT

Asset - allowable expenditure - right to receive a share of the income was a mere right to any annuity where the terms and conditions relating thereto precluded the commutation of any portion into a lump sum grant. The word 'annuity' should be given its popular and dictionary meaning and not the signification which it has assumed as a legal term owing to judicial interpretation - Assessee's appeal is dismissed