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

15,000 Shares of Lifeline Drugs and Pharma Ltd. as under-: No. of Shares Date of Sale Value Received 4,000 02.06.2014 9,88,000 2,000 06.06.2014 4,96,000 9.000 08.08.2014 22,41,000 15.000 37.25.000 After deducting the proportionate cost price of Rs.30,000/- and other expenses including STT the Net Long Term Capital Gains was computed

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

15,000 Shares of Lifeline Drugs and Pharma Ltd. as under-: No. of Shares Date of Sale Value Received 4,000 02.06.2014 9,88,000 2,000 06.06.2014 4,96,000 9.000 08.08.2014 22,41,000 15.000 37.25.000 After deducting the proportionate cost price of Rs.30,000/- and other expenses including STT the Net Long Term Capital Gains was computed

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

15,000 Shares of Lifeline Drugs and Pharma Ltd. as under-: No. of Shares Date of Sale Value Received 4,000 02.06.2014 9,88,000 2,000 06.06.2014 4,96,000 9.000 08.08.2014 22,41,000 15.000 37.25.000 After deducting the proportionate cost price of Rs.30,000/- and other expenses including STT the Net Long Term Capital Gains was computed

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

15,000 Shares of Lifeline Drugs and Pharma Ltd. as under-: No. of Shares Date of Sale Value Received 4,000 02.06.2014 9,88,000 2,000 06.06.2014 4,96,000 9.000 08.08.2014 22,41,000 15.000 37.25.000 After deducting the proportionate cost price of Rs.30,000/- and other expenses including STT the Net Long Term Capital Gains was computed

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

15,000 Shares of Lifeline Drugs and Pharma Ltd. as under-: No. of Shares Date of Sale Value Received 4,000 02.06.2014 9,88,000 2,000 06.06.2014 4,96,000 9.000 08.08.2014 22,41,000 15.000 37.25.000 After deducting the proportionate cost price of Rs.30,000/- and other expenses including STT the Net Long Term Capital Gains was computed

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

15,000 Shares of Lifeline Drugs and Pharma Ltd. as under-: No. of Shares Date of Sale Value Received 4,000 02.06.2014 9,88,000 2,000 06.06.2014 4,96,000 9.000 08.08.2014 22,41,000 15.000 37.25.000 After deducting the proportionate cost price of Rs.30,000/- and other expenses including STT the Net Long Term Capital Gains was computed

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

15,000 Shares of Lifeline Drugs and Pharma Ltd. as under-: No. of Shares Date of Sale Value Received 4,000 02.06.2014 9,88,000 2,000 06.06.2014 4,96,000 9.000 08.08.2014 22,41,000 15.000 37.25.000 After deducting the proportionate cost price of Rs.30,000/- and other expenses including STT the Net Long Term Capital Gains was computed

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

15,000 Shares of Lifeline Drugs and Pharma Ltd. as under-: No. of Shares Date of Sale Value Received 4,000 02.06.2014 9,88,000 2,000 06.06.2014 4,96,000 9.000 08.08.2014 22,41,000 15.000 37.25.000 After deducting the proportionate cost price of Rs.30,000/- and other expenses including STT the Net Long Term Capital Gains was computed

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

15,000 Shares of Lifeline Drugs and Pharma Ltd. as under-: No. of Shares Date of Sale Value Received 4,000 02.06.2014 9,88,000 2,000 06.06.2014 4,96,000 9.000 08.08.2014 22,41,000 15.000 37.25.000 After deducting the proportionate cost price of Rs.30,000/- and other expenses including STT the Net Long Term Capital Gains was computed

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

15,000 Shares of Lifeline Drugs and Pharma Ltd. as under-: No. of Shares Date of Sale Value Received 4,000 02.06.2014 9,88,000 2,000 06.06.2014 4,96,000 9.000 08.08.2014 22,41,000 15.000 37.25.000 After deducting the proportionate cost price of Rs.30,000/- and other expenses including STT the Net Long Term Capital Gains was computed

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

15,000 Shares of Lifeline Drugs and Pharma Ltd. as under-: No. of Shares Date of Sale Value Received 4,000 02.06.2014 9,88,000 2,000 06.06.2014 4,96,000 9.000 08.08.2014 22,41,000 15.000 37.25.000 After deducting the proportionate cost price of Rs.30,000/- and other expenses including STT the Net Long Term Capital Gains was computed

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

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

2 of the Wealth-tax Act, 1957 (27 of 1957)" 12. From the bare reading of all these three sections it may be seen that section 43CA deals with the valuation of all the assets other than capital assets and other provisions of section 50C are applicable. Section 55A can be invoked where estimation of fair market value

DCIT, CORPORATE CIRCLE-1(2), BHUBANESWAR vs. M/S. NATIONAL ALUMINIUM COMPANY LIMITED, BHUBANESWAR

In the result, appeal of the assessee i

Bench: Shri N.S.Saini, Am & Shri Pavan Kumar Gadale, Jm आयकर अऩीऱ सं./Ita No.339 & 340/Ctk/2016 Dcit, Corporate Circle1(2)/ Vs. National Aluminium Company Acit, Circle-2(2), Limited, Bhubaneswar Nalco Bhavan, P/1, Nayapalli, Bhubaneswar स्थायी लेखा सं./ जीआइआर सं./ Pan/Gir No. : Aaacn 7449 M (अऩीऱाथी /Appellant) (प्रत्यथी / Respondent) .. & आयकर अऩीऱ सं./Ita No.352 & 353/Ctk/2016 & Ita No.374/Ctk/2014 (नििाारण वषा / Assessment Year :2010-11, 2012-13 & 2011-12) National Aluminium Company Vs. Jcit Range-2/ Limited, Acit, Corporate Circle-1(2) Nalco Bhavan, P/1, Nayapalli, Bhubaneswar Bhubaneswar स्थायी लेखा सं./ जीआइआर सं./ Pan/Gir No. : Aaacn 7449 M (अऩीऱाथी /Appellant) (प्रत्यथी / Respondent) .. & Cross Objection No.01/Ctk/2015 & 25/Ctk/2016 (Arising Out Of Ita Nos.376/Ctk/14 & Ita No.340/Ctk/2016) (नििाारण वषा / Assessment Year :2011-2012 & 2012-2013) National Aluminium Company Vs. Acit, Circle-2(2)/ Limited, Dcit, Corporate Circle- Nalco Bhavan, P/1, Nayapalli, 1(2), Bhubaneswar Bhubaneswar स्थायी लेखा सं./ जीआइआर सं./ Pan/Gir No. : Aaacn 7449 M (अऩीऱाथी /Appellant) (प्रत्यथी / Respondent) ..

Capital Gains of Rs. 1,89,869/-, as 'Business income' by the learned AO is unjustified, arbitrary, contrary to facts, erroneous and bad in law. 12. Levy of Interest o/s. 234A, 234B, 234C and 234D of the Act - Rs. 1,53,56,380/-, Rs. 53,74,73,300, Rs. 4,09,11,235/- and Rs. 68,90,718/- respectively

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

In the result, appeal of the assessee is allowed

2 3. For that under the facts and in the circumstance of the case the amount of Rs.65,55,972/- should not have been treated as unexplained cash credit u/s.68 and should have been accepted as income from Long Term Capital Gains and should have been treated as exempt income u/s.10(38). 4. For that under the facts

ITO(EXEMPTIONS), BHUBANESWAR vs. ADHIKAR, BHUBANESWAR

In the result, appeal of the revenue is dismissed

Bench: S/Shri N.S Saini & Pavan Kumar Gadaleassessment Year : 2009-2010

2(15) and the assessee is not entitled for the benefit of section 11 for that part of income generated in the hands of the assessee Running its micro finance business. Alternatively, one has to look into section 11(4A).. Sub-section (4A) provides that exemption shall not apply in relation to any income of a trust or an institution

M/S. ALTRADE MINERALS PVT. LIMITED,ROURKELA vs. ACIT,CENTRAL CIRCLE, SAMBALPUR, SAMBALPUR

In the result, appeal of the assessee is partly allowed

Bench: Before Shri George Mathanmember & Manish Agarwal Manish Agarwalassessment Year : 2011-12 M/S. Altrade Minerals Pvt /S. Altrade Minerals Pvt Vs. Asst. Asst. Commissioner Commissioner Of Of Ltd., C/O. Kadmawala & Co., C/O. Kadmawala & Co., Income Tax, Central Circle, Income Tax, Central Circle, C.A., C.A., Budhram Budhram Oram Oram Sambalpur Market, Market, Kachery Kachery Road, Road, Rourkela. Pan/Gir No. No.Aafca 7136 F (Appellant (Appellant) .. ( Respondent Respondent) Assessee By : Shri M.R.Sahu, Ca Revenue By : Shri S.C.Mohanty, Sr Dr : Shri S.C.Mohanty, Sr Dr Date Of Hearing : 16/12/20 2024 Date Of Pronouncement : 16/12/20 024

gainfully rely upon the decision of the binding decision of the jurisdictional Orissa High Court in the case of “Siksha O Anusadhan Vs. CIT[2011} 336 ITR 112 (Orissa. HC)’. In the decided case question came for consideration before the Hon’ble High Court was as under: “2.(iii). Whether on the facts and circumstances of the case, the income

RASHI AGRAWAL,CUTTACKI vs. INCOME TAX OFFICER, CUTTACK

In the result, appeal of the assessee allowed

2. It was submitted by the ld. AR that the assessee is an individual, who is deriving income from capital gains from purchase and sale of shares. It was the submission that the assessee has purchased 1 lakh shares of M/s Panchshul Marketing Ltd. on 29.03.2012 @Rs.1/- per share. It was the submission that in view of the decision

ACIT, CORPORATE CIRCLE-1(2), BHUBANESWAR vs. M/S. NATIONAL ALUMINIUM COMPANY LTD., BHUBANESWAR

In the result, appeal of the assessee i

Bench: Shri N.S.Saini, Am & Shri Pavan Kumar Gadale, Jm आयकर अपील सं./Ita No.197/Ctk/2017 ("नधा"रण वष" / Assessment Year :2013-2014) Asst.Cit, Corporate Circle- Vs. National Aluminium Company 1(2), Bhubaneswar Limited, Nalco Bhawan, P/1, Nayapalli, Bhubaneswar "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacn 7449 M (अपीलाथ" /Appellant) (""यथ" / Respondent) .. & आयकर अपील सं./Ita No.211/Ctk/2017 ("नधा"रण वष" / Assessment Year :2013-2014) National Aluminium Company Vs. Asst.Cit, Corporate Circle- Limited, 1(2), Bhubaneswar Nalco Bhavan, P/1, Nayapalli, Bhubaneswar "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacn 7449 M (अपीलाथ" /Appellant) (""यथ" / Respondent) .. & Cross Objection No.10/Ctk/2017 (Arising Out Of Ita No.197/Ctk/2017) ("नधा"रण वष" / Assessment Year :2013-2014) National Aluminium Company Vs. Asst.Cit, Corporate Circle- Limited, 1(2), Bhubaneswar Nalco Bhavan, P/1, Nayapalli, Bhubaneswar "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacn 7449 M (अपीलाथ" /Appellant) (""यथ" / Respondent) .. "नधा"रती क" ओर से /Assessee By : Shri B.K.Mahapatra,Ca राज"व क" ओर से /Revenue By : Shri Saad Kidwai, Citdr सुनवाई क" तार"ख / Date Of Hearing : 27/06/2018 घोषणा क" तार"ख/Date Of Pronouncement 29/06/2018 आदेश / O R D E R Per Shri Pavan Kumar Gadale, Jm: These Are The Cross Appeals Filed By The Assessee & Revenue & Cross Objection By The Assessee, Against The Order Of The Cit(A)-1, Co No.10/Ctk/2018 Bhubaneswar, Passed In It Appeal No.0511/15-16, Dated 03.02.2017 For The Assessment Years 2013-2014. 2. Since Issues In Both The Appeals Are Common, They Were Heard

Section 14A of the Act and this ground of appeal is allowed for statistical purposes. 23. Ground No.6 relates to treatment of short term and long term capital gain. The AO has treated the short-term and long-term capital gain earned by the assessee as business income of the assessee. The CIT(A) has affirmed the action