9911796707
TMI Blog1982 (7) TMI 107X X X X Extracts X X X X X X X X Extracts X X X X ..... assessments made on the assessee for the assessment years 1978-79 and 1979-80. 2. The assessee is an individual and a citizen of India. He had come to India in June 1972 from abroad with the intention of permanently residing in India thereafter. This fact is not in dispute. He had claimed exemption in respect of his assets which were all purchased out of moneys brought from abroad under section ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ely the conditions stipulated for exemption under section 5(1)(xxxiii) and that the Commissioner is not justified in withdrawing such exemption. He also contended that for the immediately preceding year, i. e., the assessment year 1977-78, the assessee had succeeded in establishing his right to exemption before the then Commissioner and filed a copy of his order in support of his claim. The learne ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the value of assets brought by him into India and the value of the assets acquired by him out of such moneys : Provided that this exemption shall apply only for a period of seven successive assessment years commencing with the assessment year next following the date on which such person returned to India." This clause, no doubt, was introduced by the Finance Act, 1976, with effect from 1-4-19 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al. No doubt, the persons who had arrived before 1-4-1977 would not be entitled to the full benefit of exemption for seven successive assessments. It is because the benefit is available from the assessment year 1977-78. In the assessee's own case, though the first assessment was for the assessment year 1973-74 after arrival in India, seven years would start running from the assessment year 1973-74 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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