That is an appeal filed because of the assessee contrary to the purchase of ld. CIT(A)-III, Jaipur dated 16.12.2015 for Assessment Year 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.
Quickly claimed, the important points for the instance are that throughout 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 reported and same ended up being permitted because of the Assessing Officer and it is not in dispute before us. The assessee has additionally bought a domestic home on 23.05.2011 for a purchase consideration of Rs. 30,00,000/- when you look at the title of their spouse, Smt. Nikita Jain, and stated deduction u/s 54F for the Act and that is 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. In reaction, the assessee submitted that the consideration for such property had been paid of payment of advance of the assessee received from Narvik Nirman & Financiars Pvt. Ltd. also it had been further submitted that the brand new house that is residential not be bought because of the assessee inside the own title neither is it necessary so it should always be bought solely inside the title. It had been submitted that the assessee hasn’t bought the house that is new the name of a complete stranger and whole investment has arrived out of the way to obtain the assessee and there was clearly no share through the assessee’s spouse. Læs videre “FULL TEXT OF THE ITAT ORDER IS THE FOLLOWING”