FULL TEXT OF THE ITAT PURCHASE IS THE FOLLOWING

This is certainly an appeal filed because of the assessee up against 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 regarding the Act.

Fleetingly claimed, the important points associated with the situation are that through the year 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 land that is agricultural a consideration of Rs. 32,00,000/- for which deduction u/s 54F has been advertised and exact same had been permitted because of the Assessing Officer and it is perhaps perhaps not in dispute before us. The assessee has additionally bought a domestic property on 23.05.2011 for the purchase consideration of Rs. 30,00,000/- when you look at the title of his spouse, Smt. Nikita Jain, and claimed deduction u/s 54F for the Act and which will be in dispute before us.

throughout the length of assessment procedures, the assessee had been expected to demonstrate cause as to the reasons the reported u/s 54F of this Act, 1961 might not be disallowed, given that home had not been owned within the title of assessee. Responding, the assessee presented that the consideration for such home ended up being settled of payment of advance of the assessee received from Narvik Nirman & Financiars Pvt. (more…)