This can be an appeal filed by the assessee contrary to the purchase of ld. CIT(A)-III, Jaipur dated 16.12.2015 for Assessment 2012-13 wherein the assessee has challenged the action of ld year. CIT(A) in confirming the dis allowance of exemption of Rs. 30,00,000/- claimed u/s 54F of this Act.
Shortly claimed, the important points associated with the instance are that through the 12 months in mind, the assessee has offered three agriculture lands belonging to him for the purchase consideration of Rs. 99,25,000. The assessee has bought another agricultural land at a consideration of Rs. 32,00,000/- for which deduction u/s 54F has been reported and exact exact same had been allowed by the Assessing Officer and it is maybe not in dispute before us. The assessee in addition has purchased a property that is residential 23.05.2011 for the purchase consideration of Rs. 30,00,000/- into the title of their spouse, Smt. Nikita Jain, and stated deduction u/s 54F for the Act and which will be in dispute before us.
through the span of evaluation proceedings, the assessee had been asked showing cause as to the reasons the reported u/s 54F of this Act, 1961 might not be disallowed, since the home had not been owned into the name of assessee. In reaction, the assessee presented that the consideration for such property ended up being given out of payment of advance of the assessee received from Narvik Nirman & Financiars Pvt. Ltd. and it also was further submitted that the newest house that is residential not be bought by the assessee in the very own title neither is it necessary it ought to be bought solely in their title. It absolutely was submitted that the assessee have not bought the house that is new the title of the stranger and whole investment has arrived out from the supply of the assessee and there clearly was no share through the assessee’s spouse. Continue reading “FULL TEXT OF THE ITAT PURCHASE IS THE FOLLOWING”