FULL TEXT OF THE ITAT PURCHASE IS THE FOLLOWING

FULL TEXT OF THE ITAT PURCHASE IS THE FOLLOWING

It is an appeal filed because of 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 regarding the Act.

Fleetingly stated, the important points of this situation are that through the 12 months in mind, the assessee has offered three lands that are agriculture to him for the purchase consideration of Rs. 99,25,000. The assessee has bought another land that is agricultural a consideration of Rs. 32,00,000/- for which deduction u/s 54F has been advertised and exact exact same had been allowed by the Assessing Officer and it is perhaps maybe not in dispute before us. The assessee in addition has bought a property that is residential 23.05.2011 for the purchase consideration of Rs. 30,00,000/- into the title of his wife, Smt. Nikita Jain, and claimed deduction u/s 54F for the Act and which can be in dispute before us.

The assessee was asked to show cause as to why the claimed u/s 54F of the Act, 1961 may not be disallowed, as the property was not owned in the name of assessee during the course of assessment proceedings. As a result, the assessee presented sexybrides.org/asian-brides reviews that the consideration for such property ended up being paid out of payment of advance of the assessee received from Narvik Nirman & Financiars Pvt. Ltd. also it ended up being further submitted that the brand new residential household need not be purchased by the assessee inside the own title neither is it necessary so it should really be bought solely inside the name. It absolutely was submitted that the assessee have not bought the brand new home in the name of the complete stranger and whole investment has arrived from the supply of the assessee and there was clearly no share through the assessee’s spouse.Continue reading