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FULL TEXT OF THE ITAT PURCHASE IS THE FOLLOWING

This is certainly an appeal filed by the assessee from the order 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.

Quickly claimed, the important points of this situation are that throughout the 12 months into consideration, the assessee has sold three lands that are agriculture to him for the purchase consideration of Rs. 99,25,000. The assessee has purchased another agricultural land at a consideration of Rs. 32,00,000/- for which deduction u/s 54F has been reported and exact same had been allowed by the Assessing Officer and it is perhaps not in dispute before us. The assessee has additionally purchased a domestic home on 23.05.2011 for a purchase consideration of Rs. 30,00,000/- when you look at the name of their spouse, Smt. Nikita Jain, and stated deduction u/s 54F of this Act and that will be in dispute before us.

through the span of assessment procedures, the assessee was expected to demonstrate cause as to the reasons the reported u/s 54F of this Act, 1961 may possibly not be disallowed, once the home had not been owned when you look at the name of assessee. In reaction, the assessee presented that the consideration for such home had been paid of payment of advance from the assessee received from Narvik Nirman & Financiars Pvt. Ltd. plus it had been further submitted that the brand new house that is residential not be bought by the assessee in the very own title neither is it necessary it must be bought exclusively inside the title. Continue reading