Case Law Details
Shri Vivek Jain Vs. DCIT (ITAT Jaipur)
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. In reaction, the assessee presented that the consideration for such home had been settled of payment of advance of the assessee received from Narvik Nirman & Financiars Pvt. Ltd. also it had been further submitted that the latest house that is residential not be bought by the assessee in their very own title neither is it necessary so it should always be bought solely in the title.
It absolutely was submitted that the assessee have not bought the house that is new the title of a stranger and whole investment has come out from the supply of the assessee and there clearly was no share through the assessee’s spouse. The distribution regarding the assessee had been considered although not discovered acceptable towards the Assessing Officer. Depending on Assessing Officer, the house that was offered ended up being of the assessee whereas the reinvestment in property (residential household) happens to be produced in the title of Smt. Nikita Jain, spouse regarding the assessee.
It had been further held because of the AO that Smt. Nikita Jain, spouse regarding the assessee, is having her asian wife PAN and filing her return of earnings that is also evaluated to taxation, consequently, depending on income tax conditions, spouse and spouse both could never be regarded as solitary entity and also the advantage of investment produced by a person assessee can’t be provided to another specific assessee. (mehr …)