1995 (1) TMI 122

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

..... (1) Bank of Baroda,, Ekm a/c 4899 22,583 (2) Bank of Baroda,, Tvm a/c 1790 1,764 (3) State Bank of India,, Ekm a/c 2497 135 (4) State Bank of India,, Tvm a/c 26 5038 1,281 (5) Bank of Baroda,, Tvm. a/c 2109 2,811 (6) Union Bank of India,, Kovappady a/c 2698 2,895 (7) State Bank of India,, Ekm term deposit 17,17,131 (8) State Bank of India,, CDS (ITP) a/c 43,100 (9) Bank of Baroda,, Fd 1,79,000 (10) State of Bank of India FD 1,25,000 (11) Car KRT 4855 35,000 (12), Medical books 5,000 (13) Car KRV 2804 53,000 (14) Air Conditioner 53,975 (15) Fridge 13,547 (16) Furniture 77,523 (17) Timber stock 2,14,218 (18) Bricks stock 25,000 (19....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....TO. The assessee is aggrieved. 3. We have heard rival submissions. The contentions of Shri K.B. Menon, learned counsel for the assessee, are two-fold. According to him, exemption under s. 5(1)(xxxiii) will operate for a period of 7 successive years commencing with the assessment next following the date on which the non-resident returned to India. Thus, the date of return of the person to India is material. All assets or monies acquired prior to or subsequent to his return to India would qualify for exemption for a period of 7 successive years as specified in that clause. Thus, the original clause which is relevant for the impugned assessment year has unlimited scope for exemption. The insertion of the words "within one year immediately p....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....d assets amounting to Rs. 7,19,129 were purchased on 10th Jan., 1979, and 21st Jan., 1979, respectively which fell within the period of one year prior to the date of return. Shri Menon submitted that the assets which were purchased so close to the date of return to India have to be considered for exemption under s. 5(1)(xxxiii) for the years under consideration. 5. Having heard the rival submissions, we do not accept the contention of Shri Menon that the scope of exemption under s. 5(1)(xxxiii) is wide enough to cover the assets acquired by the NRI prior to his return to India for permanent settlement irrespective of the proximity of the period to the date of return during which the assessts were purchased. 6. Further, his first argum....