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TMI Blog1982 (12) TMI 80X X X X Extracts X X X X X X X X Extracts X X X X ..... of assets, movable and immovable : Rs. 10,90,846.97 Less : Exemption under section 5(iv) and (xxvi) Rs. 2,50,000.00 ------------------------------- Rs. 8,40,846.97 ------------------------------- 1978-79 Gross value of assets, movable and immovable : Rs. 11,00,371.77 Less : Exemption under section 5(iv) and (xxvi) Rs. 2,50,000.00 ------------------------------- Rs. 8,50,371,77 " ------------------------------- The Commissioner has stated that the WTO granted exemption of the net amount in each year under section 5(1)(xxxiii) of the Act as claimed by the assessee. According to the Commissioner, this was erroneous. 3. The Commissioner stated that the assessee, an Indian citizen, was living with her husband in Australi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is observations. 4. In the appeals before us, the learned counsel submitted that the requirements of section 5(1)(xxxiii) were satisfied and the WTO was justified in granting the exemption. He pleaded for the orders of the WTO being restored. The learned departmental representative, on the other hand, stated that on the facts enumerated in the order of the Commissioner, it was clear that exemption had wrongly been granted by the WTO, and it, therefore, had to be withdrawn and that was what the order of the Commissioner sought to achieve. 5. We have considered the rival submissions. The provisions of section 5(1)(xxxiii) read : " 5. Exemptions in respect of certain assets.--(1) Subject to the provisions of sub-section (1A) wealth-tax s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n countries in cases where such persons return to India with the intention of permanently residing therein. The value of assets acquired by them out of the moneys brought into India will also qualify for this exemption. The exemption will be available only for seven assessment years commencing with the assessment year next following the date on which such person returns to India. For this purpose, a person shall be deemed to be of Indian origin if he, or either of his parents or any of his grand-parents, was born in undivided India. 49.2. This amendment will take effect from the 1st April, 1977 and will, accordingly, apply in relation to the assessment year 1977-78 and subsequent years. " The exemption itself, on a plain reading of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erms of the proviso would cover the assessment years 1977-78 to 1981-82 alone. The WTO has granted exemption only for the assessment years 1977-78 and 1978-79 as at present. For both these years, on a plain reading of the section, the assessee is entitled to the exemption. At this stage, we may state that we are unable to agree with the Commissioner that because there was some delay in bringing the money into India, the assessee would forfeit the exemption, because the section does not require that the money should be brought along with the assessee. Obviously, because of foreign exchange remittance regulations, etc., transmission of amounts from a foreign country may take some time. As we have already stated, the period of exemption is to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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