https://www.taxtmi.com/caselaws?id=55069 The amendment to section 10(4A) introducing exemption for interest on Non-resident (External) Accounts was treated as clarificatory because it removed an inconsistency between the Income-tax Act and the foreign exchange definition of a person resident outside India. The earlier provision was confined to a non-resident under the Income-tax Act, while the substituted wording was explained in the Board's circular as curing the anomaly that otherwise denied exemption to account holders who were resident outside India under foreign exchange law. On that basis, the amendment was applied retrospectively, and exemption under section 10(4A) was available for the year in question. en-us Mon, 19 Feb 1996 00:00:00 +0530 Tue, 23 Nov 2010 16:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55069 The amendment to section 10(4A) introducing exemption for interest on Non-resident (External) Accounts was treated as clarificatory because it removed an inconsistency between the Income-tax Act and the foreign exchange definition of a person resident outside India. The earlier provision was confined to a non-resident under the Income-tax Act, while the substituted wording was explained in the Board's circular as curing the anomaly that otherwise denied exemption to account holders who were resident outside India under foreign exchange law. On that basis, the amendment was applied retrospectively, and exemption under section 10(4A) was available for the year in question. Case-Laws Income Tax Mon, 19 Feb 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55069