AES ORISSA DISTRIBUTION PRIVATE LIMITED,BHUBANESWAR vs. DCIT, CIRCLE-2(1), BHUBANESWAR

In the result, both appeals of the assessee are allowed

carried forward the said loss which has been allowed by the AO. Therefore, it can be said that reopening was based on any change of opinion. We are unable to accept the contention of the ld.DR. As held in various judicial pronouncements including the decision of the Hon’ble Supreme Court in the case of CIT Vs. Kelvinator of India

AES ORISSA DISTRIBUTION PRIVATE LIMITED,BHUBANESWAR vs. DCIT, CIRCLE-2(1), BHUBANESWAR

In the result, both appeals of the assessee are allowed

carried forward the said loss which has been allowed by the AO. Therefore, it can be said that reopening was based on any change of opinion. We are unable to accept the contention of the ld.DR. As held in various judicial pronouncements including the decision of the Hon’ble Supreme Court in the case of CIT Vs. Kelvinator of India

POSCO INDIA PRIVATE LIMITED,BHUBANESWAR vs. DCIT, CIRCLE-1(1), BHUBANESWAR

In the result, appeal of the assessee is partly allowed

Bench: Shri George Mathan & Shri Manish Agarwalआयकर अऩीऱ सं/Ita No.253/Ctk/2024 (ननधाारण वषा / Assessment Year : 2020-2021) Posco India Private Limited, Vs Dcit, Circle-1(1), Bhubaneswar Unit No.Dcb 903, 9Th Floor, Dlf Cybercity, Idco Info Park, Chandaka Industrial Estate, Patia Bhubaneswar-751024 Pan No. :Aadcp 6735 B (अऩीऱाथी /Appellant) (प्रत्यथी / Respondent) .. ननधााररती की ओर से /Assessee By : Shri B.K.Mahapatra & A.K.Sabat, Cas 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. Pcit, Bhubaneswar-1, Passed In Din & Order No.Itba/Rev/F/Rev5/2023-24/1063289089(1) For The Assessment Year 2020-2021, On The Following Grounds Of Appeal :- 1. That On The Facts & In The Circumstances The Case, The Order Passed On 24.03.2024 U/S.263 Of The Income Tax Act, 1961 [In Short "I.T.Act "I "Act"] Of The Learned Principal Commissioner Of Income Tax-I, Bhubaneswar [In Short "Pcit"] [Vide Din & Order No :Itba/Rev/F/Rev5/2023-24/1063289089(1)}, In Directing The Learned Assessing Officer [In Short "Ao"] To Examine The Issue Is Against The Principle Of Natural Justice, Contrary To Facts, Arbitrary & Erroneous & Bad, Both In The Eye Of Law & On Facts & Legally Untenable. 2. That On The Facts & In The Circumstances The Case, The. Notice Dated 05.02.2024 U/S.263 Of The Act & The Assuming Of Jurisdiction U/S.263 Of The Act By The Learned Pcit Is Contrary To Facts, Arbitrary, Erroneous & Bad, Both In The Eye Of Law & On Facts & Legally Untenable.

carrying amount of all assets (in connection to steal plant) in the statement of profit and loss account as "Impairment losses" During the previous year. building possession occupied by Company was handed over to another company for Rs.117,000 thousand and thus company has no future liability with regard to this building. Accordingly impairment loss recognised earlier was reversed

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-

carry forward of brought forward unabsorbed loss and depreciation which were not subject of 'limited scrutiny', Assessing Officer exceeded his jurisdiction

PARADEEP PHOSPHATES LTD.,BHUBANESWAR vs. JCIT, RANGE-1, BHUBANESWAR, BHUBANESWAR

In the result, appeal of the assessee is allowed for statistical purposes and appeal of Revenue is dismissed

carry forward of business loss and depreciation of Rs.45,20,05,128/- instead of 6 & ITA No.02/CTK/2014 giving the direction

RIO TINTO ORISSA MINING PVT. LTD.,BHUBANESWAR vs. ACIT, CORPORATE CIRCLE-1(2), BHUBANESWAR

In the result, appeal of the assessee is allowed

loss and depreciation of Rs.33,42,421/- ought to be carried forwarded. 8. Opposing to the above submissions of ld. AR of the assessee

ITO, KHURDA vs. BULARAM DALAI, KHURDA

In the result, appeal of the Revenue is dismissed

forward loss or unabsorbed depreciation. Assessment order was re-framed. The CIT(Appeals) and the Tribunal allowed the appeal on account that assessee has 6 disclosed all material facts and the AO after considering the material facts passed assessment order u/s 143(3). On appeal by the Revenue to the High Court, held that; it is a case in which

DCIT, ROURKELA vs. M/S. SCAN STEELS LTD., SUNDERGARH

Bench: Shri N.S. Saini & Shri Kuldip Singhdcit, Rourkela Circle, Vs. M/S. Scan Steels Limited, Rourkela. Main Road, Rajgangpur, Distt. Sundergarh.

forward loss mentioned in the assessment order for the A. Y. 2009-1 0. 3. Whether in the fact and circumstances of the case, the Ld. CIT (A) is correct in deleting the deduction claimed u/s 35D of Rs. 35,11,7791- without bringing any material fact in support of his decision. 4. Whether in the fact and circumstances

OMM SHREE REALCON PVT. LTD,BHUBANESWAR vs. PR.CIT-1, BHUBANESWAR

In the result, appeal of the assessee stands allowed

Bench: Before S/Shri George Mathan, Judicial & And Rajesh Kumarassessment Year : 2018-19 Om Shree Realcon Pvt Ltd., Om Shree Realcon Pvt Ltd., Vs. Pr. Cit- Bhubaneswar Bhubaneswar-1 Plot No.418, Forest Park, 8, Forest Park, Bhubaneswar. Bhubaneswar. Pan/Gir No. Pan/Gir No.Aabco 3118 P (Appellant (Appellant) .. ( Respondent Respondent) Assessee By : Shri S.K.Sarangi, Ca S.K.Sarangi, Ca Revenue By : Shri M.K.Gautam, Pr. Cit (Osd) Pr. Cit (Osd) Date Of Hearing : 28 /0 06/2023 Date Of Pronouncement : 28 /0 /06/2023 O R D E R Per Bench

depreciation. IN01.04: Large investment in property (Form 26QB) as compared to total income. P a g e 9 | 31 Assessment Year : 2018-19 On going through the submission made by you to the notice u/s.`142(1) dated 1.12.2020, it is seen that the following details ae not yet furnished by you. 1. Copies of returns of income

MGM GREEN ENERGY LIMITED,BHUBANESWAR vs. DCIT,CIRCLE-1(1), BHUBANESWAR

In the result, appeal of the assessee is partly allowed

Bench: Shri George Mathan & Shri Manish Agarwalआयकर अऩीऱ सं/Ita No.370/Ctk/2019 (ननधाारण वषा / Assessment Year : 2014-2015) Mgm Green Energy Limited, Vs Jcit, Range Rourkela, Rourkela 5-A, Forest Park, Bhubaneswar Pan No. :Aahcm 8472 C (अऩीऱाथी /Appellant) (प्रत्यथी / Respondent) .. ननधााररती की ओर से /Assessee By : Sh A.K.Sabat & Sh B.K.Mahapatra, Cas राजस्व की ओर से /Revenue By : Shri Sanjay Kumar, Cit-Dr सुनवाई की तारीख / Date Of Hearing : 22/05/2024 घोषणा की तारीख/Date Of Pronouncement : 22/05/2024 आदेश / O R D E R Per Bench : This Appeal Is Filed By The Assessee Against The Order Of The Ld. Cit(A)-1. Bhubaneswar, Dated 11.06.2019, In I.T.Appeal No.0388/16-17 For The Assessment Year 2014-2015. 2. The Assessee Has Taken As Many As Six Grounds Of Appeal, Relating To Various Additions/Disallowances Made To The Income Declared By The Assessee & Also Against The Adjustments Made In The Book Profit U/S.115Jb Of The Act. The Grounds Raised By The Assessee Are As Under :- I) The Ld. Cit(A) Is Erred In Dismissing The Appeal Of The Assessee, Which Is Arbitrary, Erroneous & Bad, Both In The Eyes Of Law. Ii) Disallowance Of Interest Expenses U/S.36(Iii) Of The Act At Rs.1,65,18,400/-; Iii) Disallowance Of Expenses U/S.14A Of The Act/Rule 8D Of It Rules At Rs.2,44,82,488/-; Iv) Addition Of Disallowance Of Expenses U/S.14A At Rs.2,44,82,488/- In The Book Profit As Computed U/S 115Jb; V) Addition/Disallowance Of Expenses U/S.115Jb Of The Act Under The Book Profits; Vi) Disallowance Of Differential Depreciation Of Rs.1,16,63,697/-

carried forward from the erstwhile company namely M/s MGM Minerals Pvt. Ltd. from where the assessee got such assets and liabilities. Since all the loans taken were in the nature of term loan and were specifically taken and utilised for the purpose of acquisition of business assets, therefore, no amount out of such borrowings were utilised in making interest free

M/S. ODISHA HYDRO POWER CORPORATION LTD.,BHUBANESWAR vs. ADDL.CIT, BHUBANESWAR

In the result, appeals of the assessee are partly allowed for statistical purposes

Bench: Before S/Shri George Mathan, Judicial & Arun Khodpia & Arun Khodpia & Arun Khodpia

carry forward the intent of the Central Government to assist State Governments, Cooperative Societies, etc. Since this is the business activity, that is what has persuaded us to opine that the income generated in the form of interest on the unutilised capital is in the nature of business income. The objectives are wholly socio- economic and the amounts received including

ODISA HYDRO POWER CORPORATION LTD,BHUBANESWAR vs. ACIT, BHUBANESWAR

In the result, appeals of the assessee are partly allowed for statistical purposes

Bench: Before S/Shri George Mathan, Judicial & Arun Khodpia & Arun Khodpia & Arun Khodpia

carry forward the intent of the Central Government to assist State Governments, Cooperative Societies, etc. Since this is the business activity, that is what has persuaded us to opine that the income generated in the form of interest on the unutilised capital is in the nature of business income. The objectives are wholly socio- economic and the amounts received including

ORISSA POWER TRANSMISSION CORPORATION LTD.,BHUBANESWAR vs. ACIT, CIRCLE-2(2), BHUBANESWAR

In the result, appeals of the assessee are partly allowed for statistical purposes

Bench: Before S/Shri George Mathan, Judicial & Arun Khodpia & Arun Khodpia & Arun Khodpia

carry forward the intent of the Central Government to assist State Governments, Cooperative Societies, etc. Since this is the business activity, that is what has persuaded us to opine that the income generated in the form of interest on the unutilised capital is in the nature of business income. The objectives are wholly socio- economic and the amounts received including

ORISSA POWER TRANSMISSION CORPORATION LTD.,BHUBANESWAR vs. ACIT, CORPORATE CIRCLE-1(2), BHUBANESWAR

In the result, appeals of the assessee are partly allowed for statistical purposes

Bench: Before S/Shri George Mathan, Judicial & Arun Khodpia & Arun Khodpia & Arun Khodpia

carry forward the intent of the Central Government to assist State Governments, Cooperative Societies, etc. Since this is the business activity, that is what has persuaded us to opine that the income generated in the form of interest on the unutilised capital is in the nature of business income. The objectives are wholly socio- economic and the amounts received including

ORISSA POWER TRANSMISSION CORPORATION LTD.,BHUBANESWAR vs. ACIT, CORPORATE CIRCLE-1(2), BHUBANESWAR

In the result, appeals of the assessee are partly allowed for statistical purposes

Bench: Before S/Shri George Mathan, Judicial & Arun Khodpia & Arun Khodpia & Arun Khodpia

carry forward the intent of the Central Government to assist State Governments, Cooperative Societies, etc. Since this is the business activity, that is what has persuaded us to opine that the income generated in the form of interest on the unutilised capital is in the nature of business income. The objectives are wholly socio- economic and the amounts received including

ACIT, CORPORATE CIRCLE-1(2), BHUBANESWAR vs. M/S. ORISSA CONSTRUCTION CORPORATION LTD., BHUBANESWAR

In the result, appeals filed by the revenue and assessee are allowed

Bench: S/Shri N.S Saini & Pavan Kumar Gadale

depreciable asset was not revenue in nature. The CIT(A) confirmed the same. Before us, ld A.R. referred to page 123 of PB and submitted that the profit on sale of assets was offered by the assessee. We observe that there is no clarity in respect of offering of profit on sale of assets and for non-adjusting of sale

ODISHA CONSTRUCTION CORPORATION LTD.,BHUBANESWAR vs. DCIT, CIRCLE-2(2), BHUBANESWAR

In the result, appeals filed by the revenue and assessee are allowed

Bench: S/Shri N.S Saini & Pavan Kumar Gadale

depreciable asset was not revenue in nature. The CIT(A) confirmed the same. Before us, ld A.R. referred to page 123 of PB and submitted that the profit on sale of assets was offered by the assessee. We observe that there is no clarity in respect of offering of profit on sale of assets and for non-adjusting of sale

M/S. MAA TARINI INDUSTRIES LTD.,SUNDARGARH vs. PR. CIT, SAMBALPUR

In the result, appeal of the assessee is dismissed

Bench: Shri Chandra Mohan Garg & Laxmi Prasad Sahuassessment Year : 2014-2015

depreciation has been allowed to be set off, which was liable to be added back to the total income of the assessee. Further, the Pr. CIT observed that the MAT credit of Rs.26,33,135/- was not admissible in assessment year 2014-15 and MAT credit of Rs.,19,40,110/- carried forward to next assessment year was also inadmissible