ORISSA CHROME EXPORT & MINING COMPANY PVT. LTD.,BHUBANESWAR vs. ACIT, CIRCLE-1(2), BHUBANESWAR

In the result, appeal of the assessee is partly allowed for statistical purposes

Bench: Before S/Shri George Mathan, Judicial & Arun Khodpia & Arun Khodpia & Arun Khodpiaassessment Year : 2014-15 Orissa Orissa Chrome Chrome Export Export & & Vs. Acit, Circle Acit, Circle-1(2), Mining Company Pvt Ltd., A Mining Company Pvt Ltd., A- Bhubaneswar Bhubaneswar 65/1, 65/1, Nayapali, Nayapali, Bhubaneswar Bhubaneswar Pan/Gir No. Pan/Gir No.Aaaco 4389 B (Appellant (Appellant) .. ( Respondent Respondent) Assessee By : Shri P.R.Mohanty, Ar P.R.Mohanty, Ar Revenue By : Shri Suresh Shivanand Shivanandan, Cit Dr Date Of Hearing : 22/0 02/2023 Date Of Pronouncement : 22/0 /02/2023 O R D E R Per Bench This Is An Appeal Filed By The Assessee Against The Order Of The Ld This Is An Appeal Filed By The Assessee Against The Order Of The Ld This Is An Appeal Filed By The Assessee Against The Order Of The Ld Cit(A) -1, Bhubaneswar, 1, Bhubaneswar, Dated17.9.2019 In Appeal No. In Appeal No.0344/16-17 For The Assessment Year Assessment Year 2014-15. 2. Shri P.R.Mohanty, Ld Ar Appeared For Th Shri P.R.Mohanty, Ld Ar Appeared For The Assessee & Shri S E Assessee & Shri Suresh Shivanandan, Ld Cit Dr Appeared For The Revenue. , Ld Cit Dr Appeared For The Revenue.

purchase to be bogus insofar as the original bills and vouchers were un-dated and were in A4 size paper. Ld AR has placed before us the copy of the said bill, which is placed at page 20 of PB. It was the submission that the bill is dated 30.8.2013, which contain TIN No., Mobile

SANDEEP KUMAR AGARWAL,JAGATPUR vs. ACIT,NFAC, DELHI, CUTTACK

In the result, appeal of the assessee stands allowed

Bench: Before Shri George Mathan, Judicial & Manish Agarwal Manish Agarwalassessment Year : 2014-15 Sandeep Sandeep Kumar Kumar Agarwal, Agarwal, Vs. Acit, Nfac, Delhi/Cuttack Acit, Nfac, Delhi/Cuttack C/O. Agarwal Spices & C/O. Agarwal Spices & Food Processors Pvt Ltd., Food Processors Pvt Ltd., Jagatpur. Pan/Gir No Pan/Gir No.Aarpa 8064 B (Appellant (Appellant) .. ( Respondent Respondent) Assessee By : Shri Mohit Sheth Mohit Sheth, Adv Revenue By : Shri Charan Dass, Ld Sr Dr , Ld Sr Dr Date Of Hearing : 28/0 05/2024 Date Of Pronouncement : 28/0 /05/2024 O R D E R Per Bench

bogus?” P a g e 11 | 15 Assessment Year : 2014-15 7. Before delving into the issues in question, the provisions contained under Section 10 (38) of the Income Tax Act, 1961 are extracted hereunder:- “Any income arising from the transfer of a long term capital asset, being an equity share in a company or a unit of an equity

RASHI AGRAWAL,CUTTACKI vs. INCOME TAX OFFICER, CUTTACK

In the result, appeal of the assessee allowed

section 10(38) of the Act and the relevant findings of the Coordinate Bench contained at Para 8 read as under:- "8. The assessee has earned speculation profit in the immediately preceding year through M/s Eden Financial Services also and the said profit has been used to purchase the shares of M/s Sunrise Asian Ltd. The assessee has offered

RIDHI BAGARIA,CUTTACK vs. ITO WARD-1(1), CUTTACK

In the result, appeal of the assessee allowed

section 10(38) of the Act and the relevant findings of the Coordinate Bench contained at Para 8 read as under:- "8. The assessee has earned speculation profit in the immediately preceding year through M/s Eden Financial Services also and the said profit has been used to purchase the shares of M/s Sunrise Asian Ltd. The assessee has offered

INDERPAL SINGH CHHABRA,ROURKELA vs. ACIT, ROURKELA

In the result, appeal of the assessee is allowed

Bench: Shri George Mathan & Shri Rajesh Kumarआयकर अपील सं/Ita No.450/Ctk/2024 (नििाारण वर्ा / Assessment Year : 2018-2019) Inderpal Singh Chhabra Vs Acit, Circle Rourkela Prop: Essar Enterprises Daily Market, C/O Crazy Cool, Main Rd, Po/Ps : Rourkela, Dist : Sundargarh Pan No. :Ajlpc 6337 J (अपीलार्थी /Appellant) (प्रत्यर्थी / Respondent) .. नििााररती की ओर से /Assessee By : Shri P.K.Mishra & Shri Baidyanath Behera, Advocates राजस्व की ओर से /Revenue By : Shri Sanjay Kumar, Cit-Dr सुनवाई की तारीख / Date Of Hearing : 08/04/2025 घोषणा की तारीख/Date Of Pronouncement : 08/04/2025 आदेश / O R D E R Per Bench : This Is An Appeal Filed By The Assessee Against The Order Of The Ld Cit(A), Nfac, Delhi Dated 04.09.2024 In Din & Order No.Itba/Nfac/S/250/2024-25/1068345718(1)), For The Assessment Year 2018-19. 2. Shri P.K.Mishra, Advocate Appeared On Behalf Of The Assessee. Shri Sanjay Kumar, Ld Cit Dr Represented On Behalf Of The Revenue. 3. The Assessee Is Engaged In The Transportation Of Coal & Trading In Coals. It Was Submitted By Ld Ar That The Original Return Filed By The Assessee Came To Be Processed U/S.143(3) Of The Act By The Nfac & The Assessment Came To Be Completed On 10.02.2021 Accepting The Returned Income. Ld Ar Drew Our Attention To Page 3 Of The Paper Book

11. In reply, ld CIT DR submitted that the AO in his notice u/s.148A(b) of the Act had brought to the attention of the assessee that a statement had been recorded from Nerraj Kumar Nathani and the assessee was well aware that the purchases form said Rachel Realtors Pvt. Ltd. were bogus. It was submission that the reopening

SANSAR AGROPOL PRIVATE LIMITED,BHUBANESWAR vs. I.T.O. WARD-2(2), BHUBANESWAR

In the result, appeal of the assessee is partly allowed

bogus sundry creditors" representing advance from buyers. The contention of the Ld CIT(Appeals) is that since after showing the amount in the balance sheet duly audited by a chartered accountant as unsecured loan, the appellant is claiming that the said advance was wrongly classified as unsecured loan though it was actually advance receipt from buyers. Though the reason

SATISH KUMAR GARG,ROURKELA vs. ITO WARD-5, ROURKELA

In the result, appeal of assessee stands allowed

Bench: Before Shri George Mathanmember Assessment Year : 2014-15 Satish Satish Kumar Kumar Vs. Income Tax Officer, Ward-5, Income Tax Officer, Ward Garg,Gurudwara Road, Near Garg,Gurudwara Road, Near Aayakar Bhavan, Uditnagar, Aayakar Bhavan, Uditnagar, Gurudwara, Rourkela Gurudwara, Rourkela Rourkela Pan/Gir No. . (Appellant (Appellant) .. ( Respondent Respondent) Assessee By : Shri P.R.Mohanty, Adv : Shri P.R.Mohanty, Adv Revenue By : Shri S.C.Mohanty, Ld Sr Dr , Ld Sr Dr Date Of Hearing : 25/09/20 2024 Date Of Pronouncement : 25/09/2 2024 O R D E R This Is An Appeal Filed By The Revenue An Appeal Filed By The Revenue Against The Order Of The Ld Inst The Order Of The Ld Cit(A), Cit(A), Nfac, Nfac, Delhi Delhi Dated 26.12.2022 In Appeal No.Cit(A),Sambalpur/10380/2016 Sambalpur/10380/2016-17 For The Assessment Year 2014 Assessment Year 2014-15. 2. Shri P.R.Mohanty, Ld Ar Appeared For The Assessee & Shri Shri P.R.Mohanty, Ld Ar Appeared For The Assessee & Shri Shri P.R.Mohanty, Ld Ar Appeared For The Assessee & Shri S.C.Mohanty, Ld Sr Dr Appeared For The Revenue. S.C.Mohanty, Ld Sr Dr Appeared For The Revenue.

11 9135.07 5.2.14 50 39523.07 6.2.14 20 15715.33 7.2.14 26 20158.09 11.2.14 9 6795.95 24.2.14 20 10759.04 1000 1107865.24 Long term profit -880244.21 Total: 1107866 4. It was the submission that the assessee had purchased shares for Rs.2,27,627.12 and same was sold at Rs.11,07,865.24 thereby generating long term profit of Rs.8,80,244.01, which the assessee

PRAKASH AGARWAL,ROURKELA vs. INCOME TAX OFFICER, KEONJHAR

In the result, appeal of assessee stands allowed

Bench: Before Shri George Mathanmember Assessment Year : 2014-15 Satish Satish Kumar Kumar Vs. Income Tax Officer, Ward-5, Income Tax Officer, Ward Garg,Gurudwara Road, Near Garg,Gurudwara Road, Near Aayakar Bhavan, Uditnagar, Aayakar Bhavan, Uditnagar, Gurudwara, Rourkela Gurudwara, Rourkela Rourkela Pan/Gir No. . (Appellant (Appellant) .. ( Respondent Respondent) Assessee By : Shri P.R.Mohanty, Adv : Shri P.R.Mohanty, Adv Revenue By : Shri S.C.Mohanty, Ld Sr Dr , Ld Sr Dr Date Of Hearing : 25/09/20 2024 Date Of Pronouncement : 25/09/2 2024 O R D E R This Is An Appeal Filed By The Revenue An Appeal Filed By The Revenue Against The Order Of The Ld Inst The Order Of The Ld Cit(A), Cit(A), Nfac, Nfac, Delhi Delhi Dated 26.12.2024 In Appeal No.Cit(A),Sambalpur/10380/2016 Sambalpur/10380/2016-17 For The Assessment Year 2014 Assessment Year 2014-15. 2. Shri P.R.Mohanty, Ld Ar Appeared For The Assessee & Shri Shri P.R.Mohanty, Ld Ar Appeared For The Assessee & Shri Shri P.R.Mohanty, Ld Ar Appeared For The Assessee & Shri S.C.Mohanty, Ld Sr Dr Appeared For The Revenue. S.C.Mohanty, Ld Sr Dr Appeared For The Revenue.

11 9135.07 5.2.14 50 39523.07 6.2.14 20 15715.33 7.2.14 26 20158.09 11.2.14 9 6795.95 24.2.14 20 10759.04 1000 1107865.24 Long term profit -880244.21 Total: 1107866 4. It was the submission that the assessee had purchased shares for Rs.2,27,627.12 and same was sold at Rs.11,07,865.24 thereby generating long term profit of Rs.8,80,244.01, which the assessee

HANUMAN KHEDARIA HUF,ROURKELA vs. ITO WARD 2, ROURKELA, ROURKELA

In the result, appeal of the assessee stands allowed

Bench: Before S/Shri George Mathan, Judicial & Rajesh Kumarassessment Year : 2014-15 Hanuman Khedaria (Huf), Hanuman Khedaria (Huf), Vs. Ito, Ward Ito, Ward-2, Rourkela. C/O. Kadmawala & Co., Ca, C/O. Kadmawala & Co., Ca, Budhram Budhram Oram Oram Market, Market, Kachery Road, Rourkela. Kachery Road, Rourkela. Pan/Gir No. Pan/Gir No. (Appellant) ) .. ( Respondent Respondent) Assessee By : Shri M.R.Sahu, Ca .R.Sahu, Ca Revenue By : Shri Charan Dass, Sr. Shri Charan Dass, Sr. Dr Date Of Hearing : 01/12 12/2023 Date Of Pronouncement : 01/12 Date Of Pronouncement : 01/12/2023 O R D E R Per Bench

bogus?” 7. Before delving into the issues in question, the provisions contained under Section 10 (38) of the Income Tax Act, 1961 are extracted hereunder:- “Any income arising from the transfer of a long term capital asset, being an equity share in a company or a unit of an equity oriented fund [or a unit of a business trust] where

ASHWIN KUMAR AGARWAL,CUTTACK vs. DCIT ASMNT CIRCLE-2(1)CUTTACK, CUTTACK

In the result, appeal of the assessee is allowed

purchase and sales of shares. From the perusal of bills and contract notes submitted before us, we find that the shares were sold on different dates in different quantities in the stock exchange 11 and none of the transaction was in the nature of reversal trade of squaring off transaction with significant difference in the sales value and buy value

DCIT CENTRAL CIRCLE-2, BHUBANESWAR vs. M/S. HOTEL SUKHAMAYA PVT. LTD, BHUBANESWAR

In the result, all the three appeals of the Revenue are dismissed

11. In the last, it was submitted by ld.CIT-DR that the ld.CIT(A) has deleted the penalty by holding that the assessee has reasonable cause for making such transaction in cash. However, ld. CIT(A) has failed to appreciate the fact that it has to be seen at the point when the violation has taken place and, therefore

DCIT CENTRAL CIRCLE-2, BHUBANESWAR vs. M/S. HOTEL SUKHAMAYA PVT. LTD, BHUBANESWAR

In the result, all the three appeals of the Revenue are dismissed

11. In the last, it was submitted by ld.CIT-DR that the ld.CIT(A) has deleted the penalty by holding that the assessee has reasonable cause for making such transaction in cash. However, ld. CIT(A) has failed to appreciate the fact that it has to be seen at the point when the violation has taken place and, therefore

B.C. BHUYAN CONSTRUCTION PVT. LTD.,BHUBANESWAR vs. DCIT, CORPORATE CIRCLE- 1(1), BHUBANESWAR

In the result, appeal of the assessee stands partly allowed for statistical purposes

Bench: Before S/Shri George Mathan, Judicial & Girish Agrawalwalassessment Year : 2014-15 B.C.Bhuyan Construction Pvt B.C.Bhuyan Construction Pvt Vs. Dcit, Corporate Circle Dcit, Corporate Circle - Ltd., Plot No.90, Palasuni, Ltd., Plot No.90, Palasuni, 1(1), Rasulgarh, Bhubaneswar Rasulgarh, Bhubaneswar Bhubaneswar Bhubaneswar Pan/Gir No. Pan/Gir No.Aadcb 3304 N (Appellant (Appellant) .. ( Respondent Respondent) Assessee By : Shri P.C.Sethi, Adv Revenue By Revenue By : Shri Saroj Kumar Mahapatra, Saroj Kumar Mahapatra, Pr. Cit Dr Date Of Hearing : 20/07 7/2023 Date Of Pronouncement : 20/0 /07/2023

purchase in respect of Classic Engineers of Rs.38,98,562/- and Kanchan Industries of Rs.32,79,673/-. It was the submission that the Assessing Officer has not even examined the said sundry creditors but has treated the same as bogus. It was the prayer that the issue may be restored to the file of the Assessing officer and the assessee

GITA DEVI GUPTA,CUTTACK vs. DEPUTY COMMISSIONER OF INCOME TAX, CUTTACK

In the result, appeal of the assessee stands partly allowed

Bench: Before Shri George Mathan, Judicial & Manish Agarwal Manish Agarwalassessment Year :2017-18 Gita Devi Gupta, Pro. M/S. Gita Devi Gupta, Pro. M/S. Vs. Dcit, Assessment Circle Dcit, Assessment Circle D.D. Textiles, Nandi Sahi, D.D. Textiles, Nandi Sahi, 2(1), Cuttack 2(1), Cuttack Cuttack Pan/Gir No. No.Aazpg 8154 E (Appellant (Appellant) .. ( Respondent Respondent) Assessee By : Shri P.K.Mishra, Adv P.K.Mishra, Adv Revenue By : Shri S.C.Mohanty S.C.Mohanty, Sr Dr Date Of Hearing : 7/8/ /2024 Date Of Pronouncement : 7/8 /8/2024 O R D E R

bogus. 8. We have considered the rival submissions. A perusal of the facts in the present case clearly shows that the assessee has also shown the sales and purchases in respect of various persons to whom the commission has been paid. The sales/purchases corresponding to the commission paid have not been disputed by the Assessing Officer. In fact, the commission

HEMANT KUMAR AGARWAL,CUTTACK vs. ADDL.CIT , NFAC, DELHI

In the result, both appeals of the assessee are allowed

Section 10(38) of the Act, the requirement was only 12 months. It was the submission that the ld. CIT(A) also confirmed the order of the ld. AO without considering the submissions of the assessee. It was the prayer that the assessee may be held to be eligible for the exemption u/s.10

HEMANT KUMAR AGARWAL,CUTTACK vs. ADDL.CIT NFAC, DELHI

In the result, both appeals of the assessee are allowed

Section 10(38) of the Act, the requirement was only 12 months. It was the submission that the ld. CIT(A) also confirmed the order of the ld. AO without considering the submissions of the assessee. It was the prayer that the assessee may be held to be eligible for the exemption u/s.10

OMM SHREE REALCON PVT. LTD,BHUBANESWAR vs. PR.CIT-1, BHUBANESWAR

In the result, appeal of the assessee stands allowed

Bench: Before S/Shri George Mathan, Judicial & And Rajesh Kumarassessment Year : 2018-19 Om Shree Realcon Pvt Ltd., Om Shree Realcon Pvt Ltd., Vs. Pr. Cit- Bhubaneswar Bhubaneswar-1 Plot No.418, Forest Park, 8, Forest Park, Bhubaneswar. Bhubaneswar. Pan/Gir No. Pan/Gir No.Aabco 3118 P (Appellant (Appellant) .. ( Respondent Respondent) Assessee By : Shri S.K.Sarangi, Ca S.K.Sarangi, Ca Revenue By : Shri M.K.Gautam, Pr. Cit (Osd) Pr. Cit (Osd) Date Of Hearing : 28 /0 06/2023 Date Of Pronouncement : 28 /0 /06/2023 O R D E R Per Bench

11. When payment by cheque does not establish the creditworthiness of the lender, mere examination of the pass-book or the bank statement or the letter of confirmation or the balance sheet of the lender is also not enough. The P a g e 20 | 31 Assessment Year : 2018-19 inspector appointed by the Assessing Officer did not go beyond

GANESH KUMAR SHARMA,CUTTACK vs. ITO, WARD-1, CUTTACK

In the result, appeal of the assessee is allowed on the legal as well as on merits also

purchased by the assessee and held for a period of more than one year and they were lying in the demat account of the assessee during the intermittent period. The sales have been made through recognized stock exchange. The copies of the sales bills, demat account and other evidences with regard to the holding period, were submitted before