https://www.taxtmi.com/caselaws?id=67669 A deposit shown to be held in a non-resident external account under the foreign remittance scheme was treated as potentially exempt from wealth-tax, so it could not be included in assessable net wealth if the exemption applied. The appellate authority was required to examine that legal position once the facts and supporting bank material were already on record, and it could not refuse consideration merely because the exemption was not claimed in the return. The contrary authority on a fresh claim before the assessing officer was held inapplicable on these facts. The refusal to grant exemption was set aside and the matter was remanded for reconsideration. en-us Mon, 20 Jul 1981 00:00:00 +0530 Sat, 12 Mar 2011 12:50:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67669 A deposit shown to be held in a non-resident external account under the foreign remittance scheme was treated as potentially exempt from wealth-tax, so it could not be included in assessable net wealth if the exemption applied. The appellate authority was required to examine that legal position once the facts and supporting bank material were already on record, and it could not refuse consideration merely because the exemption was not claimed in the return. The contrary authority on a fresh claim before the assessing officer was held inapplicable on these facts. The refusal to grant exemption was set aside and the matter was remanded for reconsideration. Case-Laws Wealth-tax Mon, 20 Jul 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67669