https://www.taxtmi.com/caselaws?id=58867 Deposits in Non-resident (External) Accounts were treated as debts representing assets in India, and the exemption under section 6 of the Wealth-tax Act depended on the assessee being non-resident in the relevant year. Explanation IA, effective from 1-4-1982, widened the class of qualifying non-residents for that asset category by reference to section 2(q) of the Foreign Exchange Regulation Act, 1973, but it did not alter the basic character of the deposits or retrospectively create exemption. For years where non-resident status under the Income-tax Act was established, the exemption applied; for the remaining years, residential status required verification. en-us Mon, 02 Mar 1987 00:00:00 +0530 Wed, 22 Dec 2010 15:36:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58867 Deposits in Non-resident (External) Accounts were treated as debts representing assets in India, and the exemption under section 6 of the Wealth-tax Act depended on the assessee being non-resident in the relevant year. Explanation IA, effective from 1-4-1982, widened the class of qualifying non-residents for that asset category by reference to section 2(q) of the Foreign Exchange Regulation Act, 1973, but it did not alter the basic character of the deposits or retrospectively create exemption. For years where non-resident status under the Income-tax Act was established, the exemption applied; for the remaining years, residential status required verification. Case-Laws Wealth-tax Mon, 02 Mar 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58867