Law: Wealth Tax Act, (XV of 1963)

Section: 5(1)(xv)(ii),17B,clause(8A) ofPartI of Second Schedule

Wealth Tax Act (XV of 1963)---Ss. 5(1)(xv)(ii) & 17-B---C.B.R. Letter C.8(9)-WT/IT-V/79, date 30-6-1985---C.B.R. Letter ITJ/(42) of 1985, dated 22-8-1985-­Exemption---Assessee had created immovable assets out of foreign remittances received and had claimed exemption---Assets were partially disposed of in the subsequent assessment years but assessee had claimed that exemption was still available to the extent of receipt of foreign remittances which the Assessing Officer allowed---Inspecting Additional Commissioner, revised the assessment order on the ground that the exemption was available only on the first conversion of foreign remittances into assets and that no exemption was available if an asset created out of foreign remittances was .converted into another fore subsequently---Validity---Exemption was available under S.5(1)(xv) of the Wealth Tax Act, 1963 to all assets fulfilling the conditions require( therein for those years irrespective of number of conversions such asset had undergone---Order of the Inspecting Additional Commissioner was set aside by the Appellate Tribunal with the direction that Assessing Officer may allow the exemption to the 'extent the foreign remittance were received by the assessee during these years or the relevant previous years so that the effect of exemption did not go beyond the year in which the remittance was received and the five succeeding years notwithstanding the number of conversions of assets that take place in these years. 1999 PTD (Trib.) 135; 1997 PTD (Trib.) 1928 and (1999) 7! Tax (Trib.) 150 distinguished. ORDER MUHAMMAD AKHTAR NAZAR MIAN (ACCOUNTANT MEMBER).---For the assessment years 1997-98 and 1998-99 assessments were originally made by Deputy Commissioner of Wealth Tax on 18-5-1998 and 25-2-1999 respectively. Previously the assessee had created immovable assets out of foreign remittances received and claimed exemption under section 5(1)(xv)(ii) of the Wealth Tax Act, 1963. These assets were disposed of partially in the assessment years 1997-98 and 1998-99. The assessee claimed that the exemption was still available to her to the extent of the receipt of foreign remittances as was clarified by the C. B. R.…

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