KANAK BHANJ DEO,BHUBANESWAR vs. ITO, WARD-5(3), BHUBANESWAR

In the result, appeal of the assessee is dismissed

Bench: Shri George Mathan & Shri Manish Agarwalआयकर अऩीऱ सं/Ita No.21/Ctk/2024 (ननधाारण वषा / Assessment Year : 2017-2018) Kanak Bhanj Deo, Vs Ito, Ward-5(3), Bhubaneswar Plot No.2093/3341, Lane-5, Jaydev Vihar, Bhubaneswar, Odisha-751013 Pan No. :Angpb 4721 Q (अऩीऱाथी /Appellant) (प्रत्यथी / Respondent) .. ननधााररती की ओर से /Assessee By : Shri N.R.Biswal, Ca राजस्व की ओर से /Revenue By : Shri S.C.Mohanty, Sr. Dr सुनवाई की तारीख / Date Of Hearing : 10/07/2024 घोषणा की तारीख/Date Of Pronouncement : 10/07/2024 आदेश / O R D E R Per Bench : This Is An Appeal Filed By The Assessee Against The Order Of The Ld. Cit(A), National Faceless Appeal Centre (Nfac), Delhi, Dated 16.11.2023, In Din & Order No.Itba/Nfac/S/250/2023- 24/1058002817(1) For The Assessment Year 2017-2018. 2. Brief Facts Of The Case Are That The Assessee Has Entered Into Joint Development Agreement (Jda) With The Builder On 13.01.2012 & Further Executed A Distribution Agreement On 05.11.2014 According To Which The Land Of The Assessee Was Given To The Developer For Construction Of Multistoried Building & As Per Distribution Agreement, In Consideration The Assessee Is Entitled For 26% Area In The Constructed Building. During The Impugned Year The Assessee Has Got Four Flats Having Total Area Of 4220.23 Sq.Ft. (Including 92.85 Sq.Ft. Additional Area) As The Sale Consideration Being 26% Of The Newly Constructed Building. Out Of The Said

1) [Subject to the provisions of sub-section (4), where, in the case of an assessee being an individual or a Hindu undivided family] [ Substituted by Act 18 of 2005, Section 18, for sub-Section (3) (w.e.f. 1.4.2006).], the capital gain

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

section 48, which requires that consideration has to be received or accrued and the assessee having not been received the consideration, the mode of computation of capital gains fails and consequently, there can be no levy of capital gains on the assessee. It was the further submission that there is no real income received by the assessee

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

4 CIT Vs. Lalitkumar (2018) 404 ITR 63 Bom.HC Bardia 5 Smt.Prabha Rani (2013) 351 ITR 275 Alld.HC Agarwal Vs. ITO P a g e 19 | 63 ITA No.65/CTK /2023 Assessment Year : 2011-12 (5.2.1).Hon'ble Supreme Court in the case of 'CIT Vs. Green World Corporation (supra)' has held as under: "Para.18. Objection in regard to jurisdiction

RASHI AGRAWAL,CUTTACKI vs. INCOME TAX OFFICER, CUTTACK

In the result, appeal of the assessee allowed

capital gains” to the “Adventure in the nature of trade”, insofar as the assessee is an investor in the shares and is not in the business of dealing in shares. This being so, the decision relied on by the ld. Sr. DR would no more survive for consideration. 8. Now, I am faced with the decision of the coordinate bench

M/S. SHREE BAALAJI ENGICONS LIMITED,JHARSUGUDA vs. DEPUTY COMMISSIONER OF INCOME TAX ( CENTRAL CIRCLE-1(1), SAMBALPUR

In the result, appeals of the assesee in IT(SS)A No

Bench: Shri George Mathan & Shri Manish Agarwalit(Ss)A No.77/Ctk/2023

gains of business for deduction u/s 801A. 5. The deduction u/s 801A as per the condition in item (c) of clause (i) of sub section (4) of Section 801A can be availed only after the infrastructure facility has started (i.e got completion Certificate). However, the assessee being a contractor does not get any compensation after completion of project. In view

M/S. SHREE BALAJI ENGICONS PVT. LTD.,BELPAHAR, JHARSUGUDA vs. DCIT, CENTRAL CIRCLE-1(1), SAMBALPUR, SAMBALPUR

In the result, appeals of the assesee in IT(SS)A No

Bench: Shri George Mathan & Shri Manish Agarwalit(Ss)A No.77/Ctk/2023

gains of business for deduction u/s 801A. 5. The deduction u/s 801A as per the condition in item (c) of clause (i) of sub section (4) of Section 801A can be availed only after the infrastructure facility has started (i.e got completion Certificate). However, the assessee being a contractor does not get any compensation after completion of project. In view

M/S. SHREE BALAJI ENGICONS PVT. LTD.,BELPAHAR, JHARSUGUDA vs. ACIT, CENTRAL CIRCLE-1(1), SAMBALPUR, SAMBALPUR

In the result, appeals of the assesee in IT(SS)A No

Bench: Shri George Mathan & Shri Manish Agarwalit(Ss)A No.77/Ctk/2023

gains of business for deduction u/s 801A. 5. The deduction u/s 801A as per the condition in item (c) of clause (i) of sub section (4) of Section 801A can be availed only after the infrastructure facility has started (i.e got completion Certificate). However, the assessee being a contractor does not get any compensation after completion of project. In view

ACIT, CENTRAL CIRCLE, SAMBALPUR, SAMBALPUR vs. M/S. SHREE BALAJI ENGICONS PVT. LTD., JHARSUGUDA

In the result, appeals of the assesee in IT(SS)A No

Bench: Shri George Mathan & Shri Manish Agarwalit(Ss)A No.77/Ctk/2023

gains of business for deduction u/s 801A. 5. The deduction u/s 801A as per the condition in item (c) of clause (i) of sub section (4) of Section 801A can be availed only after the infrastructure facility has started (i.e got completion Certificate). However, the assessee being a contractor does not get any compensation after completion of project. In view

ACIT, CENTRAL CIRCLE, SAMBALPUR, SAMBALPUR vs. M/S. SHREE BALAJI ENGICONS PVT. LTD., JHARSUGUDA

In the result, appeals of the assesee in IT(SS)A No

Bench: Shri George Mathan & Shri Manish Agarwalit(Ss)A No.77/Ctk/2023

gains of business for deduction u/s 801A. 5. The deduction u/s 801A as per the condition in item (c) of clause (i) of sub section (4) of Section 801A can be availed only after the infrastructure facility has started (i.e got completion Certificate). However, the assessee being a contractor does not get any compensation after completion of project. In view

ACIT, CENTRAL CIRCLE, SAMBALPUR, SAMBALPUR vs. M/S. SHREE BALAJI ENGICONS PVT. LTD., JHARSUGUDA

In the result, appeals of the assesee in IT(SS)A No

Bench: Shri George Mathan & Shri Manish Agarwalit(Ss)A No.77/Ctk/2023

gains of business for deduction u/s 801A. 5. The deduction u/s 801A as per the condition in item (c) of clause (i) of sub section (4) of Section 801A can be availed only after the infrastructure facility has started (i.e got completion Certificate). However, the assessee being a contractor does not get any compensation after completion of project. In view

ASST. CIT, CENTRAL CIRCLE, SAMBALPUR, AAYAKAR BHAWAN, SAMBALPUR vs. SHREE BALAJI ENGICON LIMITED, BELPAHAR RS

In the result, appeals of the assesee in IT(SS)A No

Bench: Shri George Mathan & Shri Manish Agarwalit(Ss)A No.77/Ctk/2023

gains of business for deduction u/s 801A. 5. The deduction u/s 801A as per the condition in item (c) of clause (i) of sub section (4) of Section 801A can be availed only after the infrastructure facility has started (i.e got completion Certificate). However, the assessee being a contractor does not get any compensation after completion of project. In view

STATE POLLUTION CONTROL BOARD ODISHA,BHUBANESWAR vs. ITO, WARAD 5(2), BHUBANESWAR, BHUBANESWAR

In the result, appeal of the assessee stands allowed and stay petition stands dismissed

Bench: Before Shri George Mathanmember & Manish Agarwal Manish Agarwals.P.No.11/Ctk/2024 Assessment Year :2017-18 State Pollution Control Board State Pollution Control Board, Vs. Ito, Ward 5(2), Plot No.A-118, Paribesh Bhawan, 118, Paribesh Bhawan, Bhubaneswar Nilakantha Nagar, Agar, Nayapali, Nayapali, Unit-Vii, Bhubaneswar Neswar Pan/Gir No.Aaals 2490 J Aaals 2490 J (Appellant) (Appellant .. ( Respondent Respondent) Assessee By : Shri S.K.Agrawalla, Ca Walla, Ca Revenue By : Shri Sanjay Kumar, Cit Sanjay Kumar, Cit Dr Date Of Hearing : 24/10/20 2024 Date Of Pronouncement : 24/10/20 024 O R D E R Per Bench

capital gains, if any, from disposal of assets as per Government financial guideline and rules of Government of Maharashtra. The exemption in the CBDT notification dt. 29th March, 2016 is valid for financial years 2015-16 to 2018-19. Considering the facts that the assessee-Board is under complete superintendence, and control of the State Government financially as well

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, 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

MUKUNDA PRASAD MISRA,CUTTACK, ODISHA vs. ASST. COMMISSIONER OF INCOME TAXC, CIRCLE-2(1), CUTTACK, CUTTACK, ODISHA

In the result, appeal of the assessee is allowed

Bench: Shri George Mathanआयकर अऩीऱ सं/Ita No.281/Ctk/2023 (ननधाारण वषा / Assessment Year :2015-2016) Mukund Prasad Mishra, Vs Acit, Circle-2(1), Cuttack Plot No.Hg-821/822, Cda, Sec-10 Cuttack-753014 Pan No. :Adfpm 1834 Q (अऩीऱाथी /Appellant) .. (प्रत्यथी / Respondent) ननधााररती की ओर से /Assessee By : Shri K.K.Bal, Advocate राजस्व की ओर से /Revenue By : Shri Charan Dass, Sr. Dr सुनवाई की तारीख / Date Of Hearing : 29/11/2023 घोषणा की तारीख/Date Of Pronouncement : 29/11/2023 आदेश / O R D E R This Is An Appeal Filed By The Assessee Against The Order Of The Ld Cit(A), National Faceless Appeal Centre (Nfac), Delhi, Dated 27.06.2023, Passed In Din & Order No.Itba/Nfac/S/250/2023- 24/1053972764(1) For The Assessment Year 2015-2016. 2. It Was Submitted By The Ld. Ar That The Assessee Is A Retired Judicial Officer. The Assessee Has Filed His Return Of Income For The Relevant Assessment Year Declaring Long Term Capital Gain Of Rs.1,51,156/- & The Total Income Of Rs.10,25,280/-. It Was The Submission That During The Relevant Assessment Year The Assessee Has Sold Two Properties One Being A Land At Bhubaneswar, Khurda For Rs.50 Lakhs & Another Being A Flat At Bidanasi, Cuttack For Rs.45,00,000/-. It Was The Submission That On The Sale Of The Properties The Assessee Had Claimed Deduction U/S.54Ec Of The Act & Also Deduction On Account Of His Deposit In The Capital Gains Account Scheme Of 1988 With State Bank Of India. It Was The Submission That The Ld. Ao Held That The Assessee Having Not Invested The Entire

4 amount has been deposited in the long term capital gain account scheme 1988 with State Bank of India. In the case of sale of land the provisions of Section 54E is very much available and the said provision permits the deposit in long term capital account scheme of 1988. The assessee has also deposited this amount of Rs.5

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, 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

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

In the result, appeal of the assessee allowed

capital gains” to the “Adventure in the nature of trade”, insofar as the assessee is an investor in the shares and is not in the business of dealing in shares. This being so, the decision relied on by the ld. Sr. DR would no more survive for consideration. 8. Now, I am faced with the decision of the coordinate bench