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