FULL TEXT OF THE ITAT PURCHASE IS THE FOLLOWING

FULL TEXT OF THE ITAT PURCHASE IS THE FOLLOWING

This will be an appeal filed by the assessee from the purchase of ld. CIT(A)-III, Jaipur dated 16.12.2015 for Assessment 12 months 2012-13 wherein the assessee has challenged the action of ld. CIT(A) in confirming the dis allowance of exemption of Rs. 30,00,000/- claimed u/s 54F regarding the Act.

Fleetingly stated, the reality associated with the instance are that throughout the 12 months under consideration, the assessee has sold three agriculture lands belonging 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 reported and exact same ended up being permitted by the Assessing Officer and it is maybe not in dispute before us. The assessee in addition has bought a domestic home on 23.05.2011 for the purchase consideration of Rs. 30,00,000/- within 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.

throughout the length of evaluation proceedings, the assessee had been expected to show cause as to the reasons the reported u/s 54F of this Act, 1961 might not be disallowed, once the home had not been owned into the title of assessee. As a result, the assessee presented that the consideration for such home ended up being given out of payment of advance of the assessee received from Narvik Nirman & Financiars Pvt. Ltd. plus it was further submitted that the brand new house that is residential not be bought because of the assessee in the very own title neither is it necessary that it should really be bought solely in the title. It absolutely was submitted that the assessee have not bought the brand new household in the title of the complete stranger and whole investment has arrived from the supply of the assessee and there was no share through the assessee’s wife. Continue reading “FULL TEXT OF THE ITAT PURCHASE IS THE FOLLOWING”