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TMI Blog1995 (1) TMI 122X X X X Extracts X X X X X X X X Extracts X X X X ..... 2,583 (2) Bank of Baroda,, Tvm a/c 1790 1,764 (3) State Bank of India,, Ekm a/c 2497 135 (4) State Bank of India,, Tvm a/c 26 5038 1,281 (5) Bank of Baroda,, Tvm. a/c 2109 2,811 (6) Union Bank of India,, Kovappady a/c 2698 2,895 (7) State Bank of India,, Ekm term deposit 17,17,131 (8) State Bank of India,, CDS (ITP) a/c 43,100 (9) Bank of Baroda,, Fd 1,79,000 (10) State of Bank of India FD 1,25,000 (11) Car KRT 4855 35,000 (12), Medical books 5,000 (13) Car KRV 2804 53,000 (14) Air Conditioner 53,975 (15) Fridge 13,547 (16) Furniture 77,523 (17) Timber stock 2,14,218 (18) Bricks stock 25,000 (19) GCDA deposit 25,000 (20) Loans & Advances : . (a) Advances for cement 17,076 (b) Advance for flooring 1, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... perate for a period of 7 successive years commencing with the assessment next following the date on which the non-resident returned to India. Thus, the date of return of the person to India is material. All assets or monies acquired prior to or subsequent to his return to India would qualify for exemption for a period of 7 successive years as specified in that clause. Thus, the original clause which is relevant for the impugned assessment year has unlimited scope for exemption. The insertion of the words "within one year immediately preceding the date of his return" in effect limits the scope of exemption granted under the original clause. In other words, for and from asst. yr. 1987-88, it is only the assets which were purchased after the d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... which were purchased so close to the date of return to India have to be considered for exemption under s. 5(1)(xxxiii) for the years under consideration. 5. Having heard the rival submissions, we do not accept the contention of Shri Menon that the scope of exemption under s. 5(1)(xxxiii) is wide enough to cover the assets acquired by the NRI prior to his return to India for permanent settlement irrespective of the proximity of the period to the date of return during which the assessts were purchased. 6. Further, his first argument does not appear to be consistent with his second argument, viz., that the amended provisions of s. 5(1)(xxxiii) are clarificatory in nature. This is because the amended provisions extend the scope of exemption ..... X X X X Extracts X X X X X X X X Extracts X X X X
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