Benefit to be available in certain cases even after assessee becomes resident

Where a non-resident Indian in any tax year,–– (a) becomes assessable as a resident in India in a subsequent tax and 25 (b) furnishes a declaration in writing to the Assessing Officer with his return of income under section 263for the tax year for which so assessable,to the effect that provisions of sections 212 to 218 continue to apply to him in relation to the investment income derived any foreign exchange asset referred to in section 212(e) other than a 30 in an Indian company, then the provisions of this Chapter shall continue to apply in relation to income until the transfer or conversion (otherwise than by transfer) of assets into money.