Case Law Details
Shri Vivek Jain Vs. DCIT (ITAT Jaipur)
Throughout the span of evaluation procedures, the assessee had been asked to show cause as to the reasons the reported u/s 54F of this Act, 1961 is almost certainly not disallowed, while the property had not been owned within the title of assessee. In reaction, the assessee presented that the consideration for such home had been paid of payment of advance from the assessee received from Narvik Nirman & Financiars Pvt. Ltd. and it also ended up being further submitted that the brand new residential household need not be bought by the assessee inside the very own title neither is it necessary so it ought to be bought solely in the title.
It absolutely was submitted that the assessee have not bought the brand new home in the title of a complete stranger and whole investment has arrived out from the supply of the assessee and there clearly was no share through the assessee’s spouse.