COMMISSIONER OF WEALTH TAX Vs. RAVJIBHAI PANCHANBHAI PATEL

JUDGEMENT

(1.) THE following question is referred for the opinion of this Court :

(2.) SHORT facts of the case are that the assessee claimed exemption under S. 5(1)(xxxiii) of the WT Act, 1957 (hereinafter referred to as "the Act"). Under the said provision, the value of any assets brought into India by a person of Indian origin 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 is exempted from payment of wealth tax for a period of seven successive years commencing with the assessment year next following the date on which such person returned to India. The provision came into force w.e.f. 1st April, 1977. It is an admitted fact that the assessee came to India on 20th Feb., 1973, with the intention of permanently staying here.

(3.) IN our opinion the construction which has been put by the Tribunal is in accordance with law. It, therefore cannot be said that the Tribunal has committed any error in coming to the conclusion that the assessee was entitled to exemption under S. 5(1)(xxxiii) of the Act.