LORAMITRA RATH,KAIRAPARI KOTSAHI, TANGI vs. DCIT (CIRCLE-1(1), CUTTACK

The appeal is allowed

Bench: Before Shri George Mathan, Judicial & Manish Agarwal Manish Agarwalassessment Year : 2015-16 Loramitra Loramitra Rath, Rath, Kairapari Kairapari Vs. Dcit, Circle Dcit, Circle-1(1), Kotsahi, Tangi, Cuttack Kotsahi, Tangi, Cuttack Cuttack Pan/Gir No. No.Aebpr 6065 H (Appellant (Appellant) .. ( Respondent Respondent) Assessee By : Shri Purnendhu Bhusan Mohanty, Ca Purnendhu Bhusan Mohanty, Ca Revenue By : Shri S.C.Mohanty, Sr S.C.Mohanty, Sr Dr

Gain only when the following conditions are fulfilled; i) Asset should be a Capital Asset; ii) There should be a transfer; and iii) Consideration is received or accrued as a result of the transfer of Capital Asset. P a g e 12 | 59 Assessment Year : 2015-16 In the instant case, first two conditions were met whereas the last condition

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

In the result, appeal of the assessee allowed

Capital Gain from sale of shares of Turbotech came up before the Co-ordinate Bench held in the case of Swati Luthra wherein the Co-ordinate Bench has decided in favour of the assessee allowing both the grounds raised on merits as well as legal observing as follows:- 12. We have heard the rival submissions and perused the orders

LALIT KUMAR JALAN,JALAN PHARMACEUTICALS vs. ITO WARD-1(1), CUTTACK

In the result, appeal of the assessee is allowed with the directions

justice rendered. 2 That the Ld. Assessing officer is unjustified and unlawful by not considering the reasons submitted for fair market value of the land being low as compared to the stamp duty value and referring the case to the valuation officer at the last moment that too after the objection by the appellant and passing the order without waiting

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

Capital Gain on Penny stock. But the said circular can only be applied prospectively not retrospectively, because the present appeal is for the Assessment Year 2013-14. Thereby, the circular relied upon by the Senior Counsel appearing for the revenue has no application to the present case. 14. In view of the facts and circumstances, as well

SMT. PURNIMA DAS,BHUBANESWAR vs. PR. CIT-1,, BHUBANESWAR

Bench: S/Shri George Mathan & Arun Khodpiaassessment Year : 2017-18 Smt. Purnima Das, C/O. Vs. Pr. Cit, Bhubaneswar-1. Biswajit Das, At-9, Budha Nagar, Budheswari, Bhubaneswar. Pan/Gir No.Aazpd0112 B (Appellant) .. ( Respondent) Assessee By : Shri P.K.Mishra, Ar Revenue By : Shri M.K.Gautam, Cit Dr Date Of Hearing : 16/02/2023 Date Of Pronouncement : 16/02/2023 O R D E R Per Bench This Is An Appeal Filed By The Assessee Against The Order Of The Ld Pr.Cit Passed U./S.263 Of The Act, Dated 12.3.2022 In Appeal No. Itba/Rev/F/Reev5/2021-22/10540634159(1) For The Assessment Year 2017-18. 2. Shri P.K.Mishra, Ld Ar Appeared For The Assessee Assisted By Ms.Sugyanee Kuanr & Ms. Simran Samal, Intern From Birla School Of Law (Bgu), Bhubaneswar & Shri M.K.Gautam, Ld Cit Dr Appeared For The Revenue Assisted By Shri Dharmashoka Panda, Intern From Birla School Of Law (Bgu), Bhubaneswar. 3. It Was Submitted By Ld Ar That The Assessee Is An Individual, Who Is A Professor Of Mathematics At P.N.College, Khurda. The Assessee Had Filed Her Return Of Income For The Relevant Assessment Year On 5.8.2017

gain, your Assessee has declared it in the return of income as exempted income, for which she is lawfully entitled to. your Assessee submits herewith copies of purchase Deed and sale Deed and copy of Khatiyan for your reference and record On perusal of Deeds, it will be clear that the lands sold are purely agricultural land and are situated

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

capital gain. Clearly the facts in the assessee’s case are different from that of Anip Rastogi’s case cited supra. 12. A perusal of the decision of the Hon’ble Kolkata High Court in the case of Swati Bajaj, referred to by the ld. Sr. DR, prima facie, revolves on the statement recorded from the brokers and the requirement

NETRANANDA NAYAK,PURI vs. ITO, PURI WARD, PURI

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

Bench: Before Shri George Mathanmember & Manish Agarwal Manish Agarwalassessment Year : 2013-14 Netrananda Netrananda Nayak, Nayak, At: At: Vs. Income Tax Officer, Puri Income Tax Officer, Puri Khandiabandha, Khandiabandha, Po: Po: Word, Puri. Gopinathpur, Atharnala, Puri Gopinathpur, Atharnala, Puri Pan/Gir No. No.Ajspn 1567 C (Appellant (Appellant) .. ( Respondent Respondent) Assessee By : Shri Niranjan Panda, Ca Niranjan Panda, Ca Revenue By : Shri S.C.Mohanty, Sr Dr : Shri S.C.Mohanty, Sr Dr Date Of Hearing : 27/01/20 2025 Date Of Pronouncement : 27/01/20 025 O R D E R Per Bench This Is An This Is An Appeal Filed By The Assessee Against The Order Of The Ld Appeal Filed By The Assessee Against The Order Of The Ld Cit(A), Nfac, Delhi Dated Cit(A), Nfac, Delhi Dated 30.6.2023 In Appeal No. Cit(A),Bhubaneswar 30.6.2023 In Appeal No. Cit(A),Bhubaneswar- 2/10186/2019-20 20 For The Assessment Year 2013-14. 2. Shri Niranjan Niranjan Panda, Ld Ar Appeared For The Assessee & Shri The Assessee & Shri S.C.Mohanty, Sr. , Sr. Dr Appeared For The Revenue.

nature of the lands admittedly clearly as per the Tahasildar Report during the relevant point of time that the lands were acquired as Sarada only. . Further in the report, it is observed that paddy crop was grown in the said land upto F.Y. 2007-08. The initial order of acquisition was in 2009 thus within two years

LAXMINARAYAN DASH,BHUBANESWAR vs. INCOME TAX OFFICER, WARD-3(3), BHUBANESWAR, BHUBANESWAR

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

Bench: Before Shri George Mathanmember & Manish Agarwal Manish Agarwalita No.521 /Ctk/2024 Assessment Year : 2016-17 Laxminarayan Das Laxminarayan Das Vs. Income Tax Officer, Ward- Income Tax Officer, Ward Plot No.575-C, C, 3(3), Bhubaneswar Hubaneswar Behera Sahi Nayapali Bhubaneswar, 751012 , 751012 Pan/Gir No. No.Accpd 0726 E (Appellant (Appellant) .. ( Respondent Respondent) Assessee By Assessee By : S/Shri P.K.Misahra & B.N.Behera B.N.Behera, Adv Revenue By : Shri S.C.Mohanty, Sr Dr : Shri S.C.Mohanty, Sr Dr Date Of Hearing : 30/12/20 2024 Date Of Pronouncement : 30/12/20 024 O R D E R Per Bench This Is An This Is An Appeal Filed By The Assessee Against The Order Of The Ld Appeal Filed By The Assessee Against The Order Of The Ld Cit(A), Nfac, Delhi Dated Cit(A), Nfac, Delhi Dated 22/03/2024 In Appeal No.Cit(A),Bhuban Cit(A),Bhubaneswar- 2/10236/2018-19 19 For The Assessment Year 2016-17. 2. Shri B.N.Behera B.N.Behera & P.K.Mishra, Ld Ars Appeared For Appeared For The Assessee & Shri S.C.Mohanty S.C.Mohanty, Sr. Dr Appeared For The Revenue.

natural justice is not sustainable in the eye of law, hence needs to be quashed in the interest of justice. 2. For that, the addition made by the learned A.O. in the order of assessment, ignoring the explanation offered and evidences adduced by the Appellant is not sustainable in the eye of law, as such, the appellate order passed

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

In the result, both appeals of the assessee are allowed

capital gain. Clearly the facts in the assessee’s case are different from that of Anip Rastogi’s case cited supra. 12. A perusal of the decision of the Hon’ble Kolkata High Court in the case of Swati Bajaj, referred to by the ld. Sr. DR, prima facie, revolves on the statement recorded from the brokers and the requirement

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

In the result, both appeals of the assessee are allowed

capital gain. Clearly the facts in the assessee’s case are different from that of Anip Rastogi’s case cited supra. 12. A perusal of the decision of the Hon’ble Kolkata High Court in the case of Swati Bajaj, referred to by the ld. Sr. DR, prima facie, revolves on the statement recorded from the brokers and the requirement

KALPANA MISHRA,BHUBANESWAR vs. ITO, WARD 5(4), BHUBANESWAR, BHUBANESWAR

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

Bench: Shri George Mathan & Shri Manish Agarwalआयकर अपील संसंसंसं/Ita No.491/Ctk/2024 (िनधा"रण िनधा"रण िनधा"रण वष" िनधा"रण वष" वष" / Assessment Year : 2016-2017) वष" Kalpana Mishra, Vs Ito Ward-5(4), Bhubaneswar Plot No.B-87/A, Chandaka Industrial Estate, Patia, Bhubaneswar-751024 Pan No. :Alfpm 2864 E (अपीलाथ" अपीलाथ" अपीलाथ" /Appellant) अपीलाथ" (""यथ" ""यथ" ""यथ" / Respondent) ""यथ" .. िनधा"रती िनधा"रती क" िनधा"रती िनधा"रती क" क" ओर क" ओर ओर सेसेसेसे /Assessee By ओर : Shri B.R.Pattnaik, Ca राज"व राज"व क" राज"व राज"व क" क" ओर क" ओर ओर सेसेसेसे /Revenue By ओर : Shri S.C.Mohanty, Sr. Dr सुनवाई क" तारीख / Date Of Hearing : 28/01/2025 घोषणा क" तारीख/Date Of Pronouncement : 28/01/2025 आदेश आदेश / O R D E R आदेश आदेश Per Bench : This Is An Appeal Filed By The Assessee Against The Order Dated 07.03.2024, Passed By The Cit(A), National Faceless Appeal Centre (Nfac), Delhi In Din & Order No.Itba/Nfac/S/250/2023- 24/1062168195(1) For The Assessment Year 2016-2017, On The Following Grounds :- 1. Hon'Ble Cit(Appeals), Nfac Has Erred In Law & On Facts In Confirming The Action Of The Learned Ao Even Though The Learned Ao Has Exceeded His Jurisdiction In A Limited Scrutiny Case Selected Under Cass Only To Examine Whether The Investment & Income Relating To Securities Transactions Are Duly Disclosed Or Not & Added A Sum Of Rs.44,00,000.00 U/S 68 Of The Income Tax Act, 1961, Without Obtaining Prior Administrative Approval Of The Concerned Pr. Cit/Cit As Prescribed In Circular F. No. 225/402/2018/Ita.Ii, Dated 28- 11-2018 & Instruction No.5/2016 [F.No.225/269/2015-

nature as to constitute a business, the business (hereinafter referred to as "speculation business") shall be deemed to be distinct and separate from any other business 3.1.9. During the financial year 2015-16, some of the share transactions of the appellant were settled otherwise than by the actual delivery or transfer of such shares. Accordingly, the stock exchange must have

RAJAT KUMAR BALIARSINHA,CUTTACK vs. DCIT, CIRCLE-1(1), CUTTACK, CUTTACK

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

Bench: Before Shri George Mathan, Judicial & Manish Agarwal Manish Agarwalassessment Year : 2020-2021 2021 Rajat Rajat Kumar Kumar Baliarsinha, Baliarsinha, Vs. Dcit, Circle Dcit, Circle-1(1), Nh-5, Manguli, Chowdwar, 5, Manguli, Chowdwar, Cuttack Cuttack-754024 754024 Pan/Gir No Pan/Gir No.Acgpb 0384 G (Appellant (Appellant) .. ( Respondent Respondent) Assessee By : Shri S.K.Sarangi, Ca S.K.Sarangi, Ca Revenue By : Shri S.C.Mohanty : Shri S.C.Mohanty, Sr Dr Date Of Hearing : 25/0 07/2024 Date Of Pronouncement : 25/0 /07/2024 O R D E R Per Bench This Is An Appeal Filed By The Assessee Against The Order Of Th This Is An Appeal Filed By The Assessee Against The Order Of Th This Is An Appeal Filed By The Assessee Against The Order Of The Ld Cit(A), Nfac, Delhi Dated Cit(A), Nfac, Delhi Dated 29.2.2024 In Appeal No. In Appeal No. Nfac/2019- 20/10195776 For The Assessment Year 2020-2021. 2. Shri S.K.Sarangi S.K.Sarangi, Ld Ar Appeared For The Assessee & Shri The Assessee & Shri S.C.Mohanty, Sr. S.C.Mohanty, Sr. Dr Appeared For The Revenue.

capital gains and not to be treat the same as adventure in the nature of trade. 4. In reply, ld Sr DR vehemently supported the order of the Assessing Officer and ld CIT(A). It was the submission that in view of the provisions of Section 140 of the Income tax Act, the income of the assessee cannot be assessed

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE, SAMBALPUR vs. SMT. INDRANI PATNAIK, ROURKELA

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

gains of business or profession or income from other source\nshall be computed in accordance with the method of accountancy\nemployed by an Assessee regularly, subject to sub-section 2 of\nsection 145 of the Act. Sub-section 2 provides that the Central\nGovernment may notify in the official gazette from time to time, the\nAccounting Standard required

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE, SAMBALPUR vs. SMT. INDRANI PATNAIK, ROURKELA

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

gains of business or profession or income from other source\nshall be computed in accordance with the method of accountancy\nemployed by an Assessee regularly, subject to sub-section 2 of\nsection 145 of the Act. Sub-section 2 provides that the Central\nGovernment may notify in the official gazette from time to time, the\nAccounting Standard required

DEPUTY COMMISSIONER OF INCOME TAX, ODISHA vs. ODISHA STATE BEVERAGES CORPORATION LIMITED, ODISHA

In the result, appeal of the revenue stands dismissed

Bench: Before Shri George Mathan, Judicial & Manish Agarwal Manish Agarwalassessment Year : 2020-2021 2021 Dcit, Aayakar Bhavan, Main Dcit, Aayakar Bhavan, Main Vs. Odisha Odisha State State Beverages Beverages 2Nd Building, Building, Rajaswas Rajaswas Vihar, Vihar, Corporation Corporation Limited., Limited., 2 Vani Vihar, Bhubaneswar. Vani Vihar, Bhubaneswar. Floor, Floor, Fortune Fortune Towers, Towers, S.E.Rly S.E.Rly Proj. Proj. Complex, Complex, Bhubaneswar. Bhubaneswar. Pan/Gir No Pan/Gir No. (Appellant (Appellant) .. ( Respondent Respondent) Assessee By : Shri Satyajit Mishra, Ca Satyajit Mishra, Ca Revenue By : Shri Sanjay Kumar, Cit : Shri Sanjay Kumar, Cit Dr Date Of Hearing : 11/0 06/2024 Date Of Pronouncement : 11/0 /06/2024 O R D E R Per Bench This Is An Appeal Filed By The Revenue Against The Order Of The Ld Against The Order Of The Ld Cit(A), Nfac, Delhi Dated Cit(A), Nfac, Delhi Dated 21.9.2023 Deleting The Penalty Levied U/S.270A Of 21.9.2023 Deleting The Penalty Levied U/S.270A Of The Act For The Assessment Year For The Assessment Year 2020-2021. 2. Brief Facts Of The Case Are That The Assessment In This Case Was Brief Facts Of The Case Are That The Assessment In This Case Was Brief Facts Of The Case Are That The Assessment In This Case Was Passed U/S.143(3) Of The Act On 23.9.2 Passed U/S.143(3) Of The Act On 23.9.2022 By Disallowing A Sum Of 022 By Disallowing A Sum Of Rs.3,00,00,000/ Rs.3,00,00,000/- Out Of Expenses Claimed By The Assessee On Account Of Out Of Expenses Claimed By The Assessee On Account Of License Fees U/S.40(A)(Iib) Of The Act. Simultaneously, Penalty Proceedings License Fees U/S.40(A)(Iib) Of The Act. Simultaneously, Penalty Proceedings License Fees U/S.40(A)(Iib) Of The Act. Simultaneously, Penalty Proceedings

capital expenditure or personal expenses of the assesse) laid out or expended wholly and exclusively for the purposes of the business or profession shall be allowed in computing the income chargeable under the head “profits and gains of business of profession”. It is hereby declared that any expenditure incurred by an assessee for any purpose which is an offence

DEPUTY COMMISSIONER OF INCOME TAX, CENTAL CIRCLE, SAMBALPUR vs. SMT. INDRANI PATNAIK, ROURKELA

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

gains of business or profession or income from other source\nshall be computed in accordance with the method of accountancy\nemployed by an Assessee regularly, subject to sub-section 2 of\nsection 145 of the Act. Sub-section 2 provides that the Central\nGovernment may notify in the official gazette from time to time, the\nAccounting Standard required

DEPUTY COMMISSIONER OF INCOME TAX, CENTAL CIRCLE, SAMBALPUR vs. SMT. INDRANI PATNAIK, ROURKELA

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

gains of business or profession or income from other source\nshall be computed in accordance with the method of accountancy\nemployed by an Assessee regularly, subject to sub-section 2 of\nsection 145 of the Act. Sub-section 2 provides that the Central\nGovernment may notify in the official gazette from time to time, the\nAccounting Standard required

KENDRAPARA URBAN CO-OPERATIVE BANK LTD.,KENDRAPADA vs. PR.COMMISSIONER OF INCOME TAX, CUTTACK

In the result, appeal of the assessee stands allowed

Bench: Shri George Mathan & Shri Arun Khodpiaआयकर अऩीऱ सं/Ita No.163/Ctk/2020 (ननधाारण वषा / Assessment Year :2015-2016) Kendrapara Urban Co-Operative Vs Pr.Cit, Cuttack Bank Ltd., College Square, Tinimuhani, Kendrapara-754211 Pan No. :Aaatk 8347 E (अऩीऱाथी /Appellant) .. (प्रत्यथी / Respondent) ननधााररती की ओर से /Assessee By : Shri P.C.Sethi, Advocate राजस्व की ओर से /Revenue By : Shri M.K.Gautam, Cit-Dr सुनवाई की तारीख / Date Of Hearing : 30/01/2023 घोषणा की तारीख/Date Of Pronouncement : 30/01/2023 आदेश / O R D E R Per Bench : This Is An Appeal Filed By The Assessee Against The Order Of The Ld Pr.Cit, Cuttack, Dated 24.03.2020, Passed In Din & Order No.Itba/Com/F/17/2019-20/1026884702(1) For The Assessment Year 2015-2016. 2. The Appeal Of The Assessee Is Barred By 8 Days. The Assessee Through Its Secretary Has Filed An Application Dated 13.07.2020 Stating Therein Sufficient Reasons For Condonation Of Delay, To Which Ld. Cit-Dr Did Not Object. In View Of The Above, Delay Of 8 Days In Filing The Present Appeal Is Condoned & The Appeal Of The Assessee Is Heard Finally. 3. It Was Submitted By The Ld. Ar That The Original Assessment In The Case Of The Assessee Was Completed U/S.143(3) Of The Act On 20.11.2017. It Was The Submission That The Assessment Was A Limited Scrutiny

capital in nature. Assessee debited an amount of Rs. 15,83,130/- in its P&L account towards provision for doubtful debts. This being provision for diminution in value of trade receivables in the balance sheet, had to be added to profit for computation of book profit. This has resulted in short assessment of income under