That is an appeal filed by the assessee from the order 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.
Quickly claimed, the reality for the situation are that throughout the 12 months into consideration, the assessee has offered three agriculture lands belonging to him for the purchase consideration of Rs. 99,25,000. The assessee has purchased another land that is agricultural a consideration of Rs. 32,00,000/- for which deduction u/s 54F has been claimed and 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 property that is residential 23.05.2011 for a purchase consideration of Rs. 30,00,000/- into 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 procedures, the assessee was expected showing 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 within the title of assessee. Continuer la lecture de FULL TEXT OF THE ITAT PURCHASE IS THE FOLLOWING