1981 (7) TMI 124 - AT - Wealth-tax

Summary

The appeal was filed by the assessee against the AAC's order denying exemption under s. 6(ii) of the WT Act r/w s. 10(4A) of the IT Act for a deposit of Rs. 2,02,795. The assessee had deposited the amount under the foreign remittance scheme. The Tribunal found that the WTO should have granted the exemption, and the AAC should have considered the legal position. The order of the AAC was set aside, and the appeal was allowed for statistical purposes. (Case: Appellate Tribunal ITAT Jaipur, Citation: 1981 (7) TMI 124 - ITAT Jaipur)