1990 (10) TMI 127

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....s whether the appellant is entitled to exemption under section 5(1)(xxxiii) of the WT Act in respect of monies brought into India on 15-3-1980, whereas he left the foreign country on 22-4-1980 and returned to India on the same day with the intention of permanently residing in India. The Wealth-tax Officer and the first appellate authority took the view that the monies were not brought by him upon ....

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....he case of an assessee, being a person of Indian origin (hereafter in this clause referred to as such person) was ordinarily residing in a foreign country, who are leaving such country, has returned to India with the intention of permanently residing therein, ... and acquired by him out of such moneys. Provided .................. to India. " In order to avail exemption it should be shown tha....

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....intention of a person to reside permanently in India on leaving the foreign country. In order to carry out that intention some breathing time would be necessary for him to wind up his affairs in the foreign country. For instance, he may have to arrange for his journey well in advance. He may have to arrange for the transport of his belongings to India well in advance. Similarly he may have to arra....

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....time should be considered as inbuilt in the clause to enable the person to wind up his affairs in the foreign country before he returns to India and moneys and assets that were brought into India by him during this period of preparation time would also fall within the exemption envisaged in clause 5(1)(xxxiii) of the W. T. Act. In fact, the insertion of the words (within one year immediately prece....