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4 results for “capital gains”+ Section 54Fclear

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Key Topics

Section 54F15Capital Gains3Set Off of Losses2Exemption2Long Term Capital Gains2Deduction2Addition to Income2

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

In the result, appeal of the assessee is dismissed

ITA 21/CTK/2024[2017-2018]Status: HeardITAT Cuttack10 Jul 2024AY 2017-2018

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

For Appellant: Shri N.R.Biswal, CAFor Respondent: Shri S.C.Mohanty, Sr. DR
Section 54F

gains is charged to tax in AY 2017-18 only. 12. With regard to deduction u/s.54F of the Act, we first examine the provision of Section 54F(1) of the Act, which reads as under :- Section 54F. [ Capital

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

The appeal is allowed

ITA 314/CTK/2023[2015-16]Status: HeardITAT Cuttack05 Sept 2024AY 2015-16

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

For Appellant: Shri Purnendhu Bhusan Mohanty, CAFor Respondent: Shri S.C.Mohanty, Sr
Section 48

gains arising from the transfer of a capital asset effected in the previous year shall, save as otherwise provided in sections [54, 54B, [[54D, [54E, [54EA, 54EB,J 54F

SATYARANJAN CHAND,BHUBANESWAR vs. DCIT CIRCLE -2(1), BHUBANESWAR

In the result, appeal of the assessee stands dismissed

ITA 125/CTK/2023[2015-16]Status: HeardITAT Cuttack15 Nov 2023AY 2015-16

Bench: Before Shri George Mathan, Judicialassessment Year : 2015-16 Satyaranjan Satyaranjan Chand, Chand, Plot Vs. Dy. Dy. Commissioner Commissioner Of Of 3Rd No.Ga-722, 722, 3 Floor, Income Income Tax, Tax, Circle Circle-2(1), Kalinga Nagar, K Kalinga Nagar, K-3-B, Po: Bhubaneswar Bhubaneswar Ghatikia, Bhubaneswar. Ghatikia, Bhubaneswar. Pan/Gir No. Pan/Gir No.Aajpc 7891 A (Appellant (Appellant) .. ( Respondent Respondent) Assessee By : Shri S.K.Agrawal Walla, Ca Revenue By : Shri S.C.Mohanty, S.C.Mohanty, Sr Dr Date Of Hearing : 15/11 11/2023 Date Of Pronouncement : 15/11 /11/2023 O R D E R

For Appellant: Shri S.K.Agrawal walla, CAFor Respondent: Shri S.C.Mohanty
Section 263Section 54F

capital gains tax. The sale had been done on 27.12.2014. The sub-plot No.36B which consisted of a house property was on rent to the assessee’s sister namely, Stm. Amitarani Giri. She had been staying on the said house from April, 2014 and this has also been recognized by the Pr. CIT in his order passed u/s.263

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

ITA 521/CTK/2024[2016-17]Status: DisposedITAT Cuttack30 Dec 2024AY 2016-17

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.

For Appellant: S/Shri P.K.Misahra and B.N.BeheraFor Respondent: Shri S.C.Mohanty, Sr DR
Section 54F

capital gain earned by the assessee for this year. It was his request that the matter may be restored back to his file of the AO for fresh adjudication on merits with the direction to provide reasonable opportunity to the assessee. 6. In reply, ld Sr. DR supported the orders of the ld AO and CIT(A). 7. We have