https://www.taxtmi.com/caselaws?id=18349 The court ruled in favor of the assessee, holding that assets acquired from remittances made before the assessee's return to India are eligible for exemption under section 5(1)(xxxiii) of the Wealth-tax Act, 1957. The court emphasized that the statutory provision aims to exempt certain assets from wealth tax and should be interpreted broadly to include assets acquired from remittances during the period of ordinary residence abroad. The decision aligned with Circular No. 411, supporting the view that assets originating from foreign earnings of a person of Indian origin are exempt. en-us Fri, 23 Feb 1996 00:00:00 +0530 Wed, 30 Sep 2009 13:05:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18349 The court ruled in favor of the assessee, holding that assets acquired from remittances made before the assessee's return to India are eligible for exemption under section 5(1)(xxxiii) of the Wealth-tax Act, 1957. The court emphasized that the statutory provision aims to exempt certain assets from wealth tax and should be interpreted broadly to include assets acquired from remittances during the period of ordinary residence abroad. The decision aligned with Circular No. 411, supporting the view that assets originating from foreign earnings of a person of Indian origin are exempt. Case-Laws Wealth-tax Fri, 23 Feb 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18349