9911796707
TMI Blog1995 (1) TMI 122X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... TO denied the assessee's claim for exemption under s. 5(1)(xxxiii) of the WT Act in regard to certain lands purchased by the assessee for a total consideration of Rs. 7,19,129 and in appeal, the CWT(A) confirmed the action of the WTO. The assessee is aggrieved. 3. We have heard rival submissions. The contentions of Shri K.B. Menon, learned counsel for the assessee, are two-fold. According to him, exemption under s. 5(1)(xxxiii) will operate 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 fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at the legislature intervened and clarified that the exemption would be available in respect of assets brought to India within one year preceding date of return to India. The assessee returned to India in May, 1979, and the impugned assets amounting to Rs. 7,19,129 were purchased on 10th Jan., 1979, and 21st Jan., 1979, respectively which fell within the period of one year prior to the date of return. Shri Menon submitted that the assets 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 t ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
