It is an appeal filed by 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 regarding the 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 a purchase consideration of Rs. 99,25,000. The assessee has purchased another agricultural land at a consideration of Rs. 32,00,000/- for which deduction u/s 54F has been reported and exact same had been permitted because of the Assessing Officer and it is maybe not in dispute before us. The assessee in addition has bought a property that is residential 23.05.2011 for the purchase consideration of Rs. 30,00,000/- into the title of their wife, Smt. Nikita Jain, and stated deduction u/s 54F of this Act and which will be in dispute before us.
through the span of assessment procedures, the assessee had been expected to demonstrate cause as to the reasons the reported u/s 54F of this Act, 1961 is almost certainly not disallowed, because the home had not been owned into the title of assessee. Continue reading