9911796707
TMI Blog1991 (7) TMI 31X X X X Extracts X X X X X X X X Extracts X X X X ..... nder section 27(1) of the Wealth-tax Act, 1957, the question which requires our answer is : "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was justified in law in cancelling the order passed by the Commissioner of Wealth-tax under section 25(2) of the Wealth-tax Act and holding that the assessee is entitled to exemption under section 5(1)(xxxiii) of the Wealth ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , the Wealth-tax Officer allowed the exemption claimed by the assessee. But, the Commissioner of Wealth-tax purporting to exercise his suo motu power under section 25 (2) of the Act, set aside the order of assessment made by the Wealth-tax Officer and remitted the matter to him with a direction that the assessments shall be redone disallowing the exemption which had been granted by him to the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... included in the net wealth of the assessee- . . . (xxxiii) in the case of an assessee, being a person of Indian origin or a citizen of India (hereafter in this clause referred to as such person) who was ordinarily residing in a foreign country and who, on leaving such country, has returned to India with the intention of permanently residing therein, moneys and the value of assets brought by him i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ets acquired by him out of such moneys. When the proviso to the clause intended to specify the number of years during which the exemption provided for in the clause has to be operative, fixes the assessment year of commencement of the exemption in relation to the person, as next following the date on which such person returned to India, it becomes clear that the clause relating to exemption become ..... X X X X Extracts X X X X X X X X Extracts X X X X
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