1999 (9) TMI 6

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....J:--The following question is referred for the opinion of this court: "Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in coming to the conclusion that the assessee was entitled to exemption under section 5(1)(xxxiii) of the Wealth-tax Act,1957?" The short facts of the case are that the assessee claimed exemption under section 5(1)(xxxiii) of the Wea....

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....e ground that the exemption would begin immediately from the assessment year next to the one in which the person came to India and there was no warrant for any gap for commencement of exemption after the return of the person to India. According to the Wealth-tax Officer, as the clause operated from April 1,1977,it could not be invoked by a person like the assessee, who returned to India before Apr....