2001 (7) TMI 26 - HC - Income Tax

Summary

The High Court of Madras ruled that an assessee living abroad with assets in India acquired from remitted monies is not entitled to exemption under section 5(1)(xxxiii) of the Wealth-tax Act for the assessment years 1977-78 to 1982-83. The assessee's frequent visits to India and acquisition of assets from remitted monies while in India disqualify her from the exemption. The Tribunal's decision in favor of the assessee was overturned, ruling in favor of the Revenue.