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TMI Blog1984 (12) TMI 84X X X X Extracts X X X X X X X X Extracts X X X X ..... nder the foreign Exchange Regulation Act, 1947. We shall proceed on the assumption that it is this account with which we are concerned. In the three years interest credited in this accounts was Rs. 12,973, Rs. 20,375, and Rs. 19,377 respectively. The assessee claimed that said income was not includible in computing total income. He relied on the provisions of s. 10(4A) of the IT Act, 1961. The ITO as well as the CIT(A) negatived this claim on the ground that exemption under the said clause would be available only to non-resident and not to an assessee who was resident and not ordinarily resident. Since the assessee was resident and not ordinarily resident, the said exemption was not available to him. The assessee has now come in appeal befo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dia" in s. 2(q) of the said Act and as such he comes within the ambit of a "person resident outside India" in s. 2(q) of the said Act. 5. The question whether the assessee comes within the ambit of "person resident outside India" within the meaning of that expression in s. 2(q) of the said Act has not yet been investigated. Investigation into said question would be necessary only if we accept the contention of the assessee to the effect that the term "non-resident" in cl. (4A) of s. 10 of the IT Act, 1961 refers to a "person resident outside India" as defined in Foreign Exchange Regulation Act, 1973 and not to the term "non-resident" as defined in s. 2(30) of the IT Act, 1961. If we hold against the assessee on this point, there would be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , there would have been express reference to the "person resident outside India" in said clause and said term would have been separately defined in the IT Act. Our attention was invited to cl. (4) of s. 10 and compression was made between the provision contained therein and that contained in cl. (4A) and on the basis of the comparison, it was contended that the intention under lying cl. (4A) was to give effect to even those assessee who are "resident and ordinary resident" within the meaning of ordinary resident" within the meaning of that expression under the IT Act provided they were "persons resident outside India" within the meaning of that expression under the Foreign Exchange Regulation Act, 1973. We have carefully considered theses p ..... X X X X Extracts X X X X X X X X Extracts X X X X
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