Wealth-tax exemption for assets acquired in India failed where purchase funds came from relatives, not from qualifying remittances by the assessee.

Exemption under section 5(1)(xxxiii) of the Wealth-tax Act was unavailable because the assets in India were purchased with monies remitted by relatives, not from assets brought into India by the assessee on returning with the intention of permanently residing in India. The Tribunal also found that she was not ordinarily living abroad in the relevant sense and had not brought the assets into India herself. As the statutory conditions for exemption were not met, the claim failed.

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Issues: Whether the assessee was entitled to exemption under section 5(1)(xxxiii) of the Wealth-tax Act, 1957 in respect of assets acquired in India from monies remitted by relatives.

Analysis: The assessee had been living with her husband abroad but was found to be frequently visiting India and not ordinarily living in a foreign country. The Tribunal also found that she had not brought assets into India, nor had she acquired the assets out of monies brought into India by her on returning with the intention of permanently residing in India. The assets were purchased in India from monies remitted by others, which did not satisfy the statutory requirement for exemption.

Conclusion: The assessee was not entitled to the exemption under section 5(1)(xxxiii) of the Wealth-tax Act, 1957, and the question was answered against her and in favour of the Revenue.

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