1998 (9) TMI 46 - HC - Wealth-tax

Summary

The High Court of Madras ruled that the exemption under section 5(1)(xxxiii) of the Wealth-tax Act is available to individuals of Indian origin who returned to India before April 1977. The exemption applies to assets brought into India and acquired using those assets. The court decision favored the assessee over the Revenue. Similar case law from the Karnataka High Court supported this interpretation.