Remittances of Foreign Exchange and Investment in Foreign Exchange Bonds (Immunities and Exemptions) Act :

Remittances of Foreign Exchange and Investment in Foreign Exchange Bonds (Immunities and Exemptions) Act,1991

Act No : 41

Section : Remittances not to be taken into account in certain cases.

4. Remittances not to be taken into account in certain cases. Without prejudice to the generality of the provisions of section 3,-- (a) any remittance received under this Chapter shall not be taken into account for the purpose of any proceeding under the Income-tax Act, 1961 (43 of 1961.) and, in particular, the recipient shall not be entitled to claim any set-off or relief in any assessment, re-assessment, appeal, reference or other proceeding under that Act or to re-open any assessment or re- assesment made under that Act on the ground that he has received such remittance. Explanation.--For the avoidance of doubt, it is hereby declared that the provisions of the Income-tax Act, 1961 (43 of 1961.) will apply to any income which accrues or arises or is deemed to accrue or arise to the recipient from the amount of the remittance; (b) any remittance received under this Chapter shall not form part of the assets of any assessee for the purposes of computing his net wealth under the Wealth-tax Act, 1957 (27 of 1957.) in relation to any assessment year commencing before the 1st day of April, 1992.