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

Capital Gain from sale of equity shares deserves to be allowed and no addition is called for the estimated brokerage expenses made in the hands of the assessee(s). Thus finding of Ld. CIT(A) is set aside and the Grounds raised by the assessee(s) in ITA Nos.889/Ind/2018, 474/Ind/2019, 206/Ind/2019, 60/Ind/2019, 61/Ind/2019 and 987/Ind/2019 are allowed. 19.8. Recently coordinate

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

Capital Gain from sale of equity shares deserves to be allowed and no addition is called for the estimated brokerage expenses made in the hands of the assessee(s). Thus finding of Ld. CIT(A) is set aside and the Grounds raised by the assessee(s) in ITA Nos.889/Ind/2018, 474/Ind/2019, 206/Ind/2019, 60/Ind/2019, 61/Ind/2019 and 987/Ind/2019 are allowed. 19.8. Recently coordinate

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

Capital Gain from sale of equity shares deserves to be allowed and no addition is called for the estimated brokerage expenses made in the hands of the assessee(s). Thus finding of Ld. CIT(A) is set aside and the Grounds raised by the assessee(s) in ITA Nos.889/Ind/2018, 474/Ind/2019, 206/Ind/2019, 60/Ind/2019, 61/Ind/2019 and 987/Ind/2019 are allowed. 19.8. Recently coordinate

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

Capital Gain from sale of equity shares deserves to be allowed and no addition is called for the estimated brokerage expenses made in the hands of the assessee(s). Thus finding of Ld. CIT(A) is set aside and the Grounds raised by the assessee(s) in ITA Nos.889/Ind/2018, 474/Ind/2019, 206/Ind/2019, 60/Ind/2019, 61/Ind/2019 and 987/Ind/2019 are allowed. 19.8. Recently coordinate

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

Capital Gain from sale of equity shares deserves to be allowed and no addition is called for the estimated brokerage expenses made in the hands of the assessee(s). Thus finding of Ld. CIT(A) is set aside and the Grounds raised by the assessee(s) in ITA Nos.889/Ind/2018, 474/Ind/2019, 206/Ind/2019, 60/Ind/2019, 61/Ind/2019 and 987/Ind/2019 are allowed. 19.8. Recently coordinate

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

Capital Gain from sale of equity shares deserves to be allowed and no addition is called for the estimated brokerage expenses made in the hands of the assessee(s). Thus finding of Ld. CIT(A) is set aside and the Grounds raised by the assessee(s) in ITA Nos.889/Ind/2018, 474/Ind/2019, 206/Ind/2019, 60/Ind/2019, 61/Ind/2019 and 987/Ind/2019 are allowed. 19.8. Recently coordinate

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

Capital Gain from sale of equity shares deserves to be allowed and no addition is called for the estimated brokerage expenses made in the hands of the assessee(s). Thus finding of Ld. CIT(A) is set aside and the Grounds raised by the assessee(s) in ITA Nos.889/Ind/2018, 474/Ind/2019, 206/Ind/2019, 60/Ind/2019, 61/Ind/2019 and 987/Ind/2019 are allowed. 19.8. Recently coordinate

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

Capital Gain from sale of equity shares deserves to be allowed and no addition is called for the estimated brokerage expenses made in the hands of the assessee(s). Thus finding of Ld. CIT(A) is set aside and the Grounds raised by the assessee(s) in ITA Nos.889/Ind/2018, 474/Ind/2019, 206/Ind/2019, 60/Ind/2019, 61/Ind/2019 and 987/Ind/2019 are allowed. 19.8. Recently coordinate

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

Capital Gain from sale of equity shares deserves to be allowed and no addition is called for the estimated brokerage expenses made in the hands of the assessee(s). Thus finding of Ld. CIT(A) is set aside and the Grounds raised by the assessee(s) in ITA Nos.889/Ind/2018, 474/Ind/2019, 206/Ind/2019, 60/Ind/2019, 61/Ind/2019 and 987/Ind/2019 are allowed. 19.8. Recently coordinate

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

Capital Gain from sale of equity shares deserves to be allowed and no addition is called for the estimated brokerage expenses made in the hands of the assessee(s). Thus finding of Ld. CIT(A) is set aside and the Grounds raised by the assessee(s) in ITA Nos.889/Ind/2018, 474/Ind/2019, 206/Ind/2019, 60/Ind/2019, 61/Ind/2019 and 987/Ind/2019 are allowed. 19.8. Recently coordinate

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

Capital Gain from sale of equity shares deserves to be allowed and no addition is called for the estimated brokerage expenses made in the hands of the assessee(s). Thus finding of Ld. CIT(A) is set aside and the Grounds raised by the assessee(s) in ITA Nos.889/Ind/2018, 474/Ind/2019, 206/Ind/2019, 60/Ind/2019, 61/Ind/2019 and 987/Ind/2019 are allowed. 19.8. Recently coordinate

RASHI AGRAWAL,CUTTACKI vs. INCOME TAX OFFICER, CUTTACK

In the result, appeal of the assessee allowed

unexplained cash credit u/s 68 of the Act. It was submitted by the ld. A.R that the assessee had challenged the said assessment order and the same as on date is pending before the CIT(A). Out of the balance 8,67,500 shares the assessee had transferred 1,00,000 shares to his wife Mrs. Mridulla Gupta through

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

In the result, appeal of the assessee allowed

unexplained cash credit u/s 68 of the Act. It was submitted by the ld. A.R that the assessee had challenged the said assessment order and the same as on date is pending before the CIT(A). Out of the balance 8,67,500 shares the assessee had transferred 1,00,000 shares to his wife Mrs. Mridulla Gupta through

M/S. NIYATI FOODS PRIVATE LIMITED,JHARSUGUDA vs. ACIT, CIRCLE-1(1), BHUBANESWAR

Bench: S/Shri N.S Saini & Pavan Kumar Gadaleassessment Year : 2006-2007

unexplained share application money. 5. On appeal before the CIT(A), the assessee submitted that the shareholders could not appear during the assessment proceedings as sufficient time was not given to the shareholders. It was further submitted that four company shareholders are having substantial assets and liabilities and the Assessing Officer’s decision to hold that they do not have

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-

gains of business or profession", it is essential to know the manner of disclosure of investment/accounting relating to listed shares and securities transactions 3.1.20. Accordingly, the direction was issued in this 'limited scrutiny' to examine whether the investment and income relating to securities transactions are duly disclosed. 3.1.21. The 'limited scrutiny' was never initiated to examine the source of investment

SMT. SANJUKTA PRUSTY,BHUBANESWAR vs. ITO, WARD-3(5), BHUBANESWAR

In the result, appeal of the assessee is allowed

Bench: Shri Chandra Mohan Garg & Laxmi Prasad Sahuassessment Year : 2013-14

credit in bank can not be taxed as unexplained investment U/S-69" A) Manoj Agarwal Vs. DCIT, New Delhi.(2008) 113 ITD 377 (Delhi BencfV'A") (Special Bench). B) Smt Ranu Agarwal Vs. ITO, 3(3). (2012) 22 Taxman.com 94 (Agra)Third Member). The copy of the assessment order is enclosed in the paper book-1 submitted on 08.01.2018 & marked

DCIT, CIRCLE-1(1), BHUBANESWAR, BHUBANESWAR vs. M/S. KALINGA POWER CORPORATION PVT. LTD., BHUBANESWAR

In the result, appeal of the revenue is dismissed

Bench: Shri N.S.Saini, Am & Shri Pavan Kumar Gadale, Jm आयकर अपील सं./Ita No.250/Ctk/2014 ("नधा"रण वष" / Assessment Year :2007-2008) Dcit, Cir-1(1), Bhubaneswar Vs. M/S Kalinga Power Corporation Pvt. Ltd., M-10, Samanta Vihar, Nalco Square, Near Kalinga Hospital, Bhubaneswar-751017 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaack 7224 M (अपीलाथ" /Appellant) (""यथ" / Respondent) .. राज"व क" ओर से /Revenue By : Shri Kunal Singh,Citdr "नधा"रती क" ओर से /Assessee By : None सुनवाई क" तार"ख / Date Of Hearing : 21/08/2017 घोषणा क" तार"ख/Date Of Pronouncement 29/08/2017 आदेश / O R D E R Per Shri Pavan Kumar Gadale, Jm: The Revenue Has Filed An Appeal Against The Order Of Cit(A), Berhampur (Camp: Bhubaneswar), Dated 21.03.2014, Passed In I.T.Appeal No.0226/10-11(Bbs), U/S.143(3)/147 Of The Income Tax Act, 1961 For The Assessment Year 2007-2008, Wherein The Revenue Has Raised The Following Grounds :- 1. On The Facts & In The Circumstances Of The Case, The Ld. Cit(A) Was Not Justified In Accepting The Contention Of The Assessee & Deleting The Addition Of Rs.7,14,20,259/- Made By The Ao On Account Of Unexplained Advance Against Share Capital. 2. None Appeared On Behalf Of The Assessee When The Matter Was Called For Hearing, Neither Any Adjournment Application Was Placed On Record By The Assessee, Therefore, The Bench Deem It Fit Dispose Off The 2 Appeal On The Basis Of Material Available On Record & The Submissions

gains and filed the return of income electronically for the assessment year 2008-09 on 30.11.2007 with total income of Rs.5,54,788/- and the return of income was processed u/s.143(1) of the Act. Subsequently, the AO had reason to believe that income has escapement assessment and issued notice u/s.148 of the Act on 25.1.2010 and the reasons

NABIN KUMAR GUPTA,BANDAMUNDA vs. ASSISSTANT COMMISSIONER OF INCOME TAX, CIRCLE ROURKELA, ROURKELA

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

Bench: Shri George Mathan & Shri Manish Agarwalआयकर अऩीऱ सं/Ita No.174/Ctk/2024 (ननधाारण वषा / Assessment Year : 2017-2018) Naveen Kumar Gupta Vs Acit, Circle Rourkela, Rourkela Sector-C, Main Road, Bandamunda, Rourkela, Odisha-770032 Pan No. :Adspg 0050 B (अऩीऱाथी /Appellant) (प्रत्यथी / Respondent) .. ननधााररती की ओर से /Assessee By : Shri Abhijeet Agarwal, Advocate राजस्व की ओर से /Revenue By : Shri Sanjay Kumar, Cit-Dr सुनवाई की तारीख / Date Of Hearing : 03/09/2024 घोषणा की तारीख/Date Of Pronouncement : 03/09/2024 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), Dated 16.02.2024 Passed In Din & Order No.Itba/Nfac/S/250/2023-24/1061029134(1) For The Assessment Year 2017-2018 On The Strength Of Following Grounds Of Appeal :- A. For That The Order Passed By The Ld. Nfac Is Ex-Facie Illegal, Excessive, Bad In Law & As Such Liable To Be Quashed In Limine. B. For That The Ld. Nfac Totally Misinterpreted The Fact & Has Upheld The Addition Of Rs.1,60,00,000/-. C. For That The Ld. Nfac Instead Of Completely Setting Aside The Addition Of Rs.2,80,50,000/- Has Instead Directed The Assessing Officer To Delete The Amount After Verification.

capital gain in the hands of the assessee is directed to be deleted. 8. It is further observed by us that even otherwise this transaction of purchase of property was actually pertained to the partnership firm M/s. Aaravindam Lifspace LLP, therefore the assessee cannot be asked for the source of investments in his individual capacity therefore, on this score also