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Whether the foreign assets of the assessee constitute his assets during the assessment year 1975-76. Analysis: The appeal before the Appellate Tribunal ITAT Ahmedabad-C was filed by the revenue against the order of the AAC regarding the assessment year 1975-76. The main issue raised was whether the foreign assets of the assessee should be considered as part of his wealth for that year. The assessee's wealth included immovable and movable properties, including assets in Uganda. The revenue contended that the property in Uganda still belonged to the assessee as he had not relinquished ownership rights, citing legal precedents. On the other hand, the assessee argued that his property in Uganda was seized by the Military Government without compensation and had not been returned, making it unjust to tax it as his wealth. The Tribunal considered the facts that the assessee was expelled from Uganda and his property was declared abandoned and vested in the Government of Uganda without compensation. The Tribunal noted that the assessee, being a British subject, had limited recourse to claim compensation. The Tribunal distinguished the legal precedents cited by the revenue, emphasizing that the property in question was no longer with the assessee and his right to compensation was contingent on uncertain future events. Given the circumstances, the Tribunal upheld the AAC's decision that the foreign assets in Uganda should not be included in the assessee's wealth for the assessment year in question but should be included if and when the assets are returned or compensated. In conclusion, the Appellate Tribunal dismissed the appeal by the revenue, affirming the decision of the AAC regarding the exclusion of the foreign assets in Uganda from the assessee's wealth for the assessment year 1975-76.
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