FULL TEXT OF THE ITAT PURCHASE IS THE FOLLOWING

FULL TEXT OF THE ITAT PURCHASE IS THE FOLLOWING

This can be an appeal filed because of the assessee resistant 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 of this Act.

Shortly reported, the important points for the situation are that through the 12 months in mind, the assessee has offered three lands that are agriculture 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 same was permitted by the Assessing Officer and is perhaps not in dispute before us. The assessee has additionally bought a property that is residential 23.05.2011 for a purchase consideration of Rs. 30,00,000/- when you look at the name of their wife, Smt. Nikita Jain, and stated deduction u/s 54F for the Act and which will 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 submitted that the consideration for such home ended up being given out of payment of advance from 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 purchased because of the assessee in their very own name neither is it necessary that it ought to be bought solely in the name. […]