DCIT, CORPORATE CIRCLE-1(1), BHUBANESWAR vs. M/S. MAGNUM ESTATE LTD., BHUBANESWAR

In the result, appeal of the revenue and cross objection of the assessee are dismissed

Bench: S/ S/Shri Chandra Mohan Garg, Judicial & Manish Borad & Manish Borad & Manish Boradassessment Year : 2012-13 Dcit, Corporate Circle 1(1), Dcit, Corporate Circle 1(1), Vs. M/S. Magnum Estate Ltd., 132 M/S. Magnum Estate Ltd., 132- Bhubaneswar. Bhubaneswar. A, A, Sector Sector-A, Zone-A, Mancheswar Industrial Estate, Mancheswar Industrial Estate, Bhubaneswar Bhubaneswar Pan/Gir No. No.Aabcm 8066 G (Appellant (Appellant) .. ( Respondent Respondent) C.O.No.21/Ctk/2021 (In Ita No.248/Ctk/2017) .248/Ctk/2017) Assessment Year : 2012-13 M/S. Magnum Estate Ltd., 132 M/S. Magnum Estate Ltd., 132- Vs. Dcit, Corporate Circle 1(1), Dcit, Corporate Circle 1(1), A, A, Sector Sector-A, Zone-A, Bhubaneswar. Bhubaneswar. Mancheswar Industrial Estate, Mancheswar Industrial Estate, Bhubaneswar. Bhubaneswar. Pan/Gir No. Pan/Gir No.Aabcm 8066 G (Appellant (Appellant) .. ( Respondent Respondent) Assessee Assessee/Cross Objector By : Shri J.M.Patnaik J.M.Patnaik , Ar Revenue By : Shri M.K.Gautam, Cit (Dr) Date Of Hearing : 27 /10/ 20 / 2021 Date Of Pronouncement : 23/12 12/2021 O R D E R Per Bench This Is An Appeal Filed By The This Is An Appeal Filed By The Revenue & Cross Objection Of The & Cross Objection Of The Assessee Against The Order Of The Cit(A),1, Bhubaneswar Against The Order Of The Cit(A),1, Bhubaneswar Against The Order Of The Cit(A),1, Bhubaneswar Dated 7.3.2017 For The Assessment Year For The Assessment Year 2012-13. P A G E 1 | 10 C.O.No.21/Ctk/2021 Assessment Year : 2012-13

bogus purchases, the addition made by him clearly appears to have no basis. It is almost judicially settled that a disclosure statement is not sacrosanct and the assessee has the right to retract from the same. A disclosure statement or admission which is not based on corroborative evidences cannot be the basis to make an addition in the assessment

DCIT, CORPORATE CIRCLE-1(1), BHUBANESWAR vs. M/S. MAGNUM DREAM HOMES PVT. LTD., BHUBANESWAR

In the result, appeal of the revenue and cross objection of the assessee are dismissed

Bench: S/ S/Shri Chandra Mohan Garg, Judicial & Manish Borad & Manish Borad & Manish Boradassessment Year : 2012-13 Dcit, Corporate Circle Dcit, Corporate Circle -1(1), Vs. M/S. Magnum Dream Homes Pvt M/S. Magnum Dream Homes Pvt Bhubaneswar Bhubaneswar Ltd., 132-A, Sector A, Sector-A, Zone-A, Mancheswar Industrial Estate, Mancheswar Industrial Estate, Bhubaneswar. Bhubaneswar. Pan/Gir No. No.Aadcm 2929 A (Appellant (Appellant) .. ( Respondent Respondent) C.O.No.20/Ctk/2021 (Arising Out Of Ita No.249/Ctk/2017) Out Of Ita No.249/Ctk/2017) Assessment Year: 2012-13 13 M/S. Magnum Dream Homes Pvt M/S. Magnum Dream Homes Pvt Vs. Dcit, Corporate Circle Dcit, Corporate Circle -1(1), Ltd., 132-A, Sector A, Sector-A, Zone-A, Bhubaneswar Bhubaneswar Mancheswar Industrial Estate, Mancheswar Industrial Estate, Bhubaneswar. Bhubaneswar. Pan/Gir No. Pan/Gir No.Aadcm 2929 A (Appellant (Appellant) .. ( Respondent Respondent) Assessee/Cross Objector By : Shri J.M.Patnaik J.M.Patnaik , Ar Revenue By : Shri M.K.Gautam, Cit (Dr) Date Of Hearing : 26 /10/ 20 / 2021 Date Of Pronouncement : 23 /12 12/2021 O R D E R Per Bench This Is An Appeal Filed By The This Is An Appeal Filed By The Revenue & Cross Objection Of The Revenue & Cross Objection Of The Assessee Against The Order Of The Cit(A),1, Bhubaneswar Assessee Against The Order Of The Cit(A),1, Bhubaneswar Assessee Against The Order Of The Cit(A),1, Bhubaneswar Dated 7.3.2017 For The Assessment Year For The Assessment Year 2012-13. P A G E 1 | 10 C.O.No.20/Ctk/2021 Assessment Year : 2012-13

132-A, Sector A, Sector-A, Zone-A, Bhubaneswar Bhubaneswar Mancheswar Industrial Estate, Mancheswar Industrial Estate, Bhubaneswar. Bhubaneswar. PAN/GIR No. PAN/GIR No.AADCM 2929 A (Appellant (Appellant) .. ( Respondent Respondent) Assessee/cross objector by : Shri J.M.Patnaik J.M.Patnaik , AR Revenue by : Shri M.K.Gautam, CIT (DR) Date of Hearing : 26 /10/ 20 / 2021 Date of Pronouncement : 23 /12 12/2021

ITO, BHADRAK WARD, BHADRAK vs. ANUPAMA MOHAPATRA, BHADRAK

In the result, Appeals of the revenue in in ITANos

Bench: Shri C.M. Garg, Jm & Shri Manish Borad, Am

bogus nature of the long term capital gains had been established beyond doubt and, consequently, proceeded to make the disallowance. Now, unlike section 132(4) which treats the statements recorded during a search operation as 'evidence' in any proceeding under the ~ Act, 1961, section 133A, while authorizing recording statements by the survey officer, does not give the same status

ITO, BHADRAK WARD, BHADRAK vs. DEEPANSU MOHAPATRA, BHADRAK

In the result, Appeals of the revenue in in ITANos

Bench: Shri C.M. Garg, Jm & Shri Manish Borad, Am

bogus nature of the long term capital gains had been established beyond doubt and, consequently, proceeded to make the disallowance. Now, unlike section 132(4) which treats the statements recorded during a search operation as 'evidence' in any proceeding under the ~ Act, 1961, section 133A, while authorizing recording statements by the survey officer, does not give the same status

ITO, BHADRAK WARD, BHADRAK vs. DEEPANSU MOHAPATRA, BHADRAK

In the result, Appeals of the revenue in in ITANos

Bench: Shri C.M. Garg, Jm & Shri Manish Borad, Am

bogus nature of the long term capital gains had been established beyond doubt and, consequently, proceeded to make the disallowance. Now, unlike section 132(4) which treats the statements recorded during a search operation as 'evidence' in any proceeding under the ~ Act, 1961, section 133A, while authorizing recording statements by the survey officer, does not give the same status

ITO, BHADRAK WARD, BHADRAK vs. SITANSU SEKHAR MOHAPATRA, BHADRAK

In the result, Appeals of the revenue in in ITANos

Bench: Shri C.M. Garg, Jm & Shri Manish Borad, Am

bogus nature of the long term capital gains had been established beyond doubt and, consequently, proceeded to make the disallowance. Now, unlike section 132(4) which treats the statements recorded during a search operation as 'evidence' in any proceeding under the ~ Act, 1961, section 133A, while authorizing recording statements by the survey officer, does not give the same status

ITO, BHADRAK WARD, BHADRAK vs. ANUPAMA MOHAPATRA, BHADRAK

In the result, Appeals of the revenue in in ITANos

Bench: Shri C.M. Garg, Jm & Shri Manish Borad, Am

bogus nature of the long term capital gains had been established beyond doubt and, consequently, proceeded to make the disallowance. Now, unlike section 132(4) which treats the statements recorded during a search operation as 'evidence' in any proceeding under the ~ Act, 1961, section 133A, while authorizing recording statements by the survey officer, does not give the same status

ITO, BHADRAK WARD, BHADRAK vs. HIMANSU MOHAPATRA, BHADRAK

In the result, Appeals of the revenue in in ITANos

Bench: Shri C.M. Garg, Jm & Shri Manish Borad, Am

bogus nature of the long term capital gains had been established beyond doubt and, consequently, proceeded to make the disallowance. Now, unlike section 132(4) which treats the statements recorded during a search operation as 'evidence' in any proceeding under the ~ Act, 1961, section 133A, while authorizing recording statements by the survey officer, does not give the same status

ITO, BHADRAK WARD, BHADRAK vs. HIMANSU MOHAPATRA, BHADRAK

In the result, Appeals of the revenue in in ITANos

Bench: Shri C.M. Garg, Jm & Shri Manish Borad, Am

bogus nature of the long term capital gains had been established beyond doubt and, consequently, proceeded to make the disallowance. Now, unlike section 132(4) which treats the statements recorded during a search operation as 'evidence' in any proceeding under the ~ Act, 1961, section 133A, while authorizing recording statements by the survey officer, does not give the same status

ITO, BHADRAK WARD, BHADRAK vs. KISHORE KUMAR MOHAPATRA, BHADRAK

In the result, Appeals of the revenue in in ITANos

Bench: Shri C.M. Garg, Jm & Shri Manish Borad, Am

bogus nature of the long term capital gains had been established beyond doubt and, consequently, proceeded to make the disallowance. Now, unlike section 132(4) which treats the statements recorded during a search operation as 'evidence' in any proceeding under the ~ Act, 1961, section 133A, while authorizing recording statements by the survey officer, does not give the same status

ITO, BHADRAK WARD, BHADRAK vs. AMRUTA PREETAM MOHAPATRA, BHADRAK

In the result, Appeals of the revenue in in ITANos

Bench: Shri C.M. Garg, Jm & Shri Manish Borad, Am

bogus nature of the long term capital gains had been established beyond doubt and, consequently, proceeded to make the disallowance. Now, unlike section 132(4) which treats the statements recorded during a search operation as 'evidence' in any proceeding under the ~ Act, 1961, section 133A, while authorizing recording statements by the survey officer, does not give the same status

ITO, BHADRAK WARD, BHADRAK vs. MAMATA MOHAPATRA, BHADRAK

In the result, Appeals of the revenue in in ITANos

Bench: Shri C.M. Garg, Jm & Shri Manish Borad, Am

bogus nature of the long term capital gains had been established beyond doubt and, consequently, proceeded to make the disallowance. Now, unlike section 132(4) which treats the statements recorded during a search operation as 'evidence' in any proceeding under the ~ Act, 1961, section 133A, while authorizing recording statements by the survey officer, does not give the same status

ITO, BHADRAK WARD , BHADRAK vs. PARBATI MOHAPATRA, BHADRAK

In the result, Appeals of the revenue in in ITANos

Bench: Shri C.M. Garg, Jm & Shri Manish Borad, Am

bogus nature of the long term capital gains had been established beyond doubt and, consequently, proceeded to make the disallowance. Now, unlike section 132(4) which treats the statements recorded during a search operation as 'evidence' in any proceeding under the ~ Act, 1961, section 133A, while authorizing recording statements by the survey officer, does not give the same status

ITO, BHADRAK WARD, BHADRAK vs. SMT. KUNTALA MOHAPATRA, BHADRAK

In the result, Appeals of the revenue in in ITANos

Bench: Shri C.M. Garg, Jm & Shri Manish Borad, Am

bogus nature of the long term capital gains had been established beyond doubt and, consequently, proceeded to make the disallowance. Now, unlike section 132(4) which treats the statements recorded during a search operation as 'evidence' in any proceeding under the ~ Act, 1961, section 133A, while authorizing recording statements by the survey officer, does not give the same status

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

purchase of materials and payment to bank, when the payment is overdue RKDCPL, which carrying out Road work in remote localities, needs cash sometime urgently to send its work sites Reference may be made to the voucher (Ref page no 64 of the Paper Book) of RKDCPL where it is mentioned that on 16.09.10, the RKDCPL paid

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

purchase of materials and payment to bank, when the payment is overdue RKDCPL, which carrying out Road work in remote localities, needs cash sometime urgently to send its work sites Reference may be made to the voucher (Ref page no 64 of the Paper Book) of RKDCPL where it is mentioned that on 16.09.10, the RKDCPL paid