This can be an appeal filed by the assessee up against the purchase of ld. CIT(A)-III, Jaipur dated 16.12.2015 for Assessment 12 months 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.

Shortly reported, the important points for the instance are that throughout the year into consideration, the assessee has offered three agriculture lands belonging 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 had been permitted by the Assessing Officer and it is maybe 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 title of their spouse, Smt. Nikita Jain, and stated deduction u/s 54F for the Act and which can 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. Responding, the assessee presented that the consideration for such property ended up being paid of repayment of advance from the assessee received from Narvik Nirman & Financiars Pvt. Ltd. and it also was further submitted that the latest house that is residential not be purchased because of the assessee in his own title neither is it necessary it must certanly be purchased solely in the title. It absolutely was submitted that the assessee have not purchased the house that is new the name of a complete stranger and whole investment has arrived from the supply of the assessee and there was clearly no share through the assessee’s wife.

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