Case Law Details

Shri Vivek Jain Vs. DCIT (ITAT Jaipur)

Through the span of evaluation 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, since the home was not owned within the title of assessee. In reaction, the assessee presented that the consideration for such home ended up being given out of payment of advance of the assessee received from Narvik Nirman & Financiars Pvt. Ltd. also it had been further submitted that the latest residential household need not be bought because of the assessee in their very own title neither is it necessary so it must be purchased solely in their title.

It had been submitted that the assessee has not yet bought the brand new home in the title of a complete stranger and whole investment has arrived from the way to obtain the assessee and there clearly was no contribution through the assessee’s wife. The distribution for the assessee had been considered however discovered acceptable towards the Assessing Officer. According to Assessing Officer, the property that was offered ended up being of the assessee whereas the reinvestment in home (domestic household) happens to be manufactured in the title of Smt. Read More