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This might be an appeal filed by the assessee resistant to 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.

Shortly stated, the reality associated with the case are that during 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 bought another agricultural land at a consideration of Rs. 32,00,000/- for which deduction u/s 54F has been claimed and exact same ended up being permitted by the Assessing Officer and it is not in dispute before us. The assessee has additionally bought a property that is residential 23.05.2011 for the purchase consideration of Rs. 30,00,000/- within the title of their wife, Smt. Nikita Jain, and stated deduction u/s 54F of the Act and that will be in dispute before us.

through the span of assessment proceedings, the assessee had been expected to demonstrate cause as to the reasons the claimed u/s 54F of this Act, 1961 may possibly not be disallowed, while the home had not been owned into the title of assessee. In response, the assessee presented that the consideration for such home ended up being settled of payment of advance from the assessee received from Narvik Nirman & Financiars Pvt. Ltd. and it also was further submitted that this new residential household need not be bought by the assessee in their very very own title neither is it necessary so it should always be bought solely inside the name.