FULL TEXT OF THE ITAT PURCHASE IS THE FOLLOWING

FULL TEXT OF THE ITAT PURCHASE IS THE FOLLOWING

This really is an appeal filed because of 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 of this Act.

Fleetingly reported, the reality associated with the instance are that through the 12 months under consideration, the assessee has offered three agriculture lands belonging to him for the sale 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 permitted because of the Assessing Officer and it is perhaps 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/- when you look at the name of their spouse, Smt. Nikita Jain, and stated deduction u/s 54F of this Act and that is in dispute before us.

through the span of evaluation procedures, the assessee had been expected to demonstrate cause as to the reasons the reported u/s 54F of this Act, 1961 may possibly not be disallowed, while the property wasn’t owned into the name of assessee. In reaction, the assessee submitted that the consideration for such russian brides home ended up being paid out of repayment of advance of the assessee received from Narvik Nirman & Financiars Pvt. Ltd. plus it ended up being further submitted that the newest house that is residential not be bought because of the assessee in their very very own title neither is it necessary so it must be bought solely in their title. It had been submitted that the assessee have not bought the new home in the title of a stranger and whole investment has arrived out from the way to obtain the assessee and there was clearly no share through the assessee’s spouse.