KALINGA INSTITUTE OF INDUSTRIAL TECHNOLOGY (KIIT),PATIA vs. CIT (EXEMP.) HYDERABAD, HYDERABAD

In the result, appeal of the assessee is allowed

Bench: Before S/Shri George Mathan, Judicial & Arun Khodpia & Arun Khodpia & Arun Khodpiaassessment Year : 2017-18 Kalinga Institute Of Industrial Kalinga Institute Of Industrial Vs. Cit (Exemptions), Cit (Exemptions), Technology (Kiit), Plot No.383, Technology (Kiit), Plot No.383, Hyderabad 384, 384, Kiit Kiit Campus Campus-1, Patia, Bhubaneswar. Bhubaneswar. Pan/Gir No. Pan/Gir No.Aaatk 3103 C (Appellant (Appellant) .. ( Respondent Respondent) Assessee By : Shri S.K.Agarwalla, Ar S.K.Agarwalla, Ar Revenue By : Shri M.K.Gautam, Cit Shri M.K.Gautam, Cit Dr Date Of Hearing : 13 /9 9/2022 Date Of Pronouncement : 13/9 9/2022 O R D E R Per Bench This Is An Appeal Filed By The Assessee Ag This Is An Appeal Filed By The Assessee Against The Order Of The Ld Ainst The Order Of The Ld Cit(E), Hyderabad Hyderabad Passed U/S.263 Of The Act Dated Dated 14.3.2022 In Appeal No.Itba/Rev/F/Rev5/2021 Itba/Rev/F/Rev5/2021-22/1040690424(1) For The Assessment Year For The Assessment Year 2017-18. 2. Shri S.K.Agarwala, Ld Ar Appeared For The Assessee & Shri Shri S.K.Agarwala, Ld Ar Appeared For The Assessee & Shri Shri S.K.Agarwala, Ld Ar Appeared For The Assessee & Shri M.K.Gautam, Ld Cit Dr Appeared For The Revenue. M.K.Gautam, Ld Cit Dr Appeared For The Revenue.

54,33,001/- collected as development fees from its students had been directly carried to the balance sheet under the nomenclature “Development fund” instead of routed through the income and expenditure account. Consequently, he was of the view that the same is liable to be treated as part of the revenue and this result is a taxable income in terms

M/S. B.K. JENA & ASSOCIATES,KUJANG vs. PR. CIT, CUTTACK

In the result, appeal of the assessee stands partly allowed

Bench: Before S/Shri George Mathan, Judicial & Arun Khodpia & Arun Khodpia & Arun Khodpiaassessment Year : 2014-15 M/S. B.K.Jena & Associates, M/S. B.K.Jena & Associates, Vs. Pr. Cit, Cuttack Pr. Cit, Cuttack Rangiagarh, Rangiagarh, Jhimani, Jhimani, Kujang, Kujang, Jagatsinghpur Jagatsinghpur Pan/Gir No. No.Aagfb 4157 P (Appellant (Appellant) .. ( Respondent Respondent) Assessee By : Shri P.R.Mohanty P.R.Mohanty, Ar Revenue By : Shri M.K.Gautam, Cit ( Cit (Dr) Date Of Hearing : 16/9/ 20 / 2022 Date Of Pronouncement : 16/ /9/2022 O R D E R Per Bench

54 taxmann.com 329) wherein it was held that where Chartered Accountant representing assessee-society filed appeal before Tribunal with a delay of 347 days taking a plea that he had gone for audit of a bank and in meantime his staff filed papers belonging to assessee in record, since delay was not explained on day to day basis, appeal

KALINGA INSTITUTE OF INDUSTRIAL TECHNOLOGY,PATIA BHUNANESWAR vs. CIT(EXEMPTION), HYDERABAD

In the result, appeal of the assessee is allowed

Bench: Shri George Mathan & Shri Manish Agarwalआयकर अऩीऱ सं/Ita No.177/Ctk/2024 (ननधाारण वषा / Assessment Year : 2018-2019) Kalinga Institute Of Industrial Vs Cit (Exemption), Hyderabad Technology, Patia, Bhubaneswar Pan No. :Aaatk 3103 C (अऩीऱाथी /Appellant) .. (प्रत्यथी / Respondent) ननधााररती की ओर से /Assessee By : Shri S.K.Agrawalla, Ca राजस्व की ओर से /Revenue By : Shri Sanjay Kumar, Cit-Dr सुनवाई की तारीख / Date Of Hearing : 15/07/2024 घोषणा की तारीख/Date Of Pronouncement : 15/07/2024

depreciation and the total expenditure treated as application of income to arrive at a loss of Rs.1,10,61,219/-. A perusal of the order of the ld. CIT(E) shows that after receiving this reply of the assessee no further verification much less an enquiry has been done by the ld. CIT(E) to even make an attempt

MS SHIVA JYOTI CONSTRUCTION,AT- PATTAMUNDAI vs. AO, NEAFC, DELHI

In the result, appeal of the assessee stands partly allowed

Bench: Before Shri George Mathan, Judicial & Manish Agarwal Manish Agarwalassessment Year : 2018-2019 2019 M/S. M/S. Shiva Shiva Jyoti Jyoti Vs. The The Assessing Assessing Officer, Officer, Construction, At: Patrapur, Construction, At: Patrapur, Nfac, Delhi Nfac, Delhi Pattamundai, Kendrapara Pattamundai, Kendrapara Pan/Gir No Pan/Gir No.Abqfs 8602 P (Appellant (Appellant) .. ( Respondent Respondent) Assessee By : Shri Sandeep Kumar Jena, Sandeep Kumar Jena, Adv Revenue By : Shri Sanjay Kumar, Cit Shri Sanjay Kumar, Cit Dr Date Of Hearing : 05/0 06/2024 Date Of Pronouncement : 05/0 /06/2024 O R D E R Per Bench

depreciation over a turnover of Rs. 1,03,64,,45,352.00 thereby disclose taxable income at Rs.3, 42, 42,760.00 in the return. The appellant also received interest income on income tax refund and fixed deposits made in order to procure works contract by way of earnest money and security deposits. The copy of the audited financial statements is enclosed

TRIJAL ENTERPRISES,BHUBANESWAR vs. ACIT, CIRCLE- 4(1), BHUBANESWAR

Bench: S/Shri George Mathan & Arun Khodpiaassessment Year : 2016-17 Trijal Enterprises, Hall No.6, Vs. Acit, Circle-4(1), Fourth Floor, Bmc Bhawani Bhubaneswar Coom. Complex, Saheed Nagar, Bhubaneswar. Pan/Gir No.Aakft 6687 L (Appellant) .. ( Respondent) Assessee By : Shri P.K.Mishra,Ca P.K.Panda, Ars Revenue By : Shri M.K.Gautam, Cit Dr Date Of Hearing : 15/11/2022 Date Of Pronouncement : 15/11/2022 O R D E R Per Bench This Is An Appeal Filed By The Assessee Against The Order Of The Ld Cit(A)-1, Bhubaneswar Dated 22.6.2020 In Appeal No.0366/2018-19 For The Assessment Year 2016-17. 2. It Was Submitted By Ld Ar That The Assessee Is A Partnership Firm. The Partnership Firm Was Originally Constituted By Partnership Deed Dated 1.11.2015, Wherein, There Were Two Partners Namely; Shri Rajesh Polaki & Sri Malchit Chetan Kumar Patra. The Said Partnership Did Not Do Any Business. The Partnership Was Constituted For The Purpose Of Doing The Business Of Gold Jewellery. The Partnership Was Reconstituted On 1.3.2016, P A G E 1 | 37 Assessment Year : 2016-17

54,50,000/-. Ld AR further drew our attention to page 17 of PB, which was a copy of the return filed by M/s. Tribhuvan Tradecom Private Limited for the assessment year 2016-17. The return has been filed on 30.3.2017. He further drew our attention to page 49 of PB, which was a copy of the intimation issued u/s.143

M/S. ODISHA HYDRO POWER CORPORATION LTD.,BHUBANESWAR vs. ACIT, CORPORATE CIRCLE-1(2), BHUBANESWAR

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

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

1,66,29,402/-, a sum of Rs. 1430,009/- was added during the year and depreciation of Rs. 8,52,682/- was claimed on such assets calculating the depreciation at 25% of the gross block. Particulars of assets as included under the aforesaid head i.e., miscellaneous assets are as under: - Books : Rs. 55,512.00 Tarpuline : Rs. 8,154.00 Water

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

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

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

1,66,29,402/-, a sum of Rs. 1430,009/- was added during the year and depreciation of Rs. 8,52,682/- was claimed on such assets calculating the depreciation at 25% of the gross block. Particulars of assets as included under the aforesaid head i.e., miscellaneous assets are as under: - Books : Rs. 55,512.00 Tarpuline : Rs. 8,154.00 Water

M/S. ODISHA HYDRO POWER CORPORATION LTD.,BHUBANESWAR vs. ACIT, CORPORATE CIRCLE-1(2), BHUBANESWAR

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

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

1,66,29,402/-, a sum of Rs. 1430,009/- was added during the year and depreciation of Rs. 8,52,682/- was claimed on such assets calculating the depreciation at 25% of the gross block. Particulars of assets as included under the aforesaid head i.e., miscellaneous assets are as under: - Books : Rs. 55,512.00 Tarpuline : Rs. 8,154.00 Water

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

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

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

1,66,29,402/-, a sum of Rs. 1430,009/- was added during the year and depreciation of Rs. 8,52,682/- was claimed on such assets calculating the depreciation at 25% of the gross block. Particulars of assets as included under the aforesaid head i.e., miscellaneous assets are as under: - Books : Rs. 55,512.00 Tarpuline : Rs. 8,154.00 Water

DCIT, CORPORATE CIRCLE-1(2), BHUBANESWAR vs. M/S. ORISSA HYDRO POWER CORPORATION LTD., BHUBANESWAR

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

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

1,66,29,402/-, a sum of Rs. 1430,009/- was added during the year and depreciation of Rs. 8,52,682/- was claimed on such assets calculating the depreciation at 25% of the gross block. Particulars of assets as included under the aforesaid head i.e., miscellaneous assets are as under: - Books : Rs. 55,512.00 Tarpuline : Rs. 8,154.00 Water

M/S. ODISHA HYDRO POWER CORPORATION LTD.,BHUBANESWAR vs. ACIT, CORPORATE CIRCLE-1(2), BHUBANESWAR

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

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

1,66,29,402/-, a sum of Rs. 1430,009/- was added during the year and depreciation of Rs. 8,52,682/- was claimed on such assets calculating the depreciation at 25% of the gross block. Particulars of assets as included under the aforesaid head i.e., miscellaneous assets are as under: - Books : Rs. 55,512.00 Tarpuline : Rs. 8,154.00 Water

M/S. ODISHA HYDRO POWER CORPORATION LIMITED,BHUBANESWAR vs. ACIT, CORPORATE CIRCLE-1(2), BHUBAN\ESWAR

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

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

1,66,29,402/-, a sum of Rs. 1430,009/- was added during the year and depreciation of Rs. 8,52,682/- was claimed on such assets calculating the depreciation at 25% of the gross block. Particulars of assets as included under the aforesaid head i.e., miscellaneous assets are as under: - Books : Rs. 55,512.00 Tarpuline : Rs. 8,154.00 Water

M/S. ODISHA HYDRO POWER CORPORATON LTD.,BHUBANESWAR vs. ACIT, BHUBANESWAR

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

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

1,66,29,402/-, a sum of Rs. 1430,009/- was added during the year and depreciation of Rs. 8,52,682/- was claimed on such assets calculating the depreciation at 25% of the gross block. Particulars of assets as included under the aforesaid head i.e., miscellaneous assets are as under: - Books : Rs. 55,512.00 Tarpuline : Rs. 8,154.00 Water

M/S. ODISHA HYDRO POWER CORPORATION LTD.,BHUBANESWAR vs. ACIT, CORPORATE CIRCLE-1(2), BHUBANESWAR

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

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

1,66,29,402/-, a sum of Rs. 1430,009/- was added during the year and depreciation of Rs. 8,52,682/- was claimed on such assets calculating the depreciation at 25% of the gross block. Particulars of assets as included under the aforesaid head i.e., miscellaneous assets are as under: - Books : Rs. 55,512.00 Tarpuline : Rs. 8,154.00 Water

DCIT, BHUBANESWAR vs. M/S. ORISSA HYDRO POWER CORPORATION LTD., BHUBANESWAR

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

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

1,66,29,402/-, a sum of Rs. 1430,009/- was added during the year and depreciation of Rs. 8,52,682/- was claimed on such assets calculating the depreciation at 25% of the gross block. Particulars of assets as included under the aforesaid head i.e., miscellaneous assets are as under: - Books : Rs. 55,512.00 Tarpuline : Rs. 8,154.00 Water

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

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

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

1,66,29,402/-, a sum of Rs. 1430,009/- was added during the year and depreciation of Rs. 8,52,682/- was claimed on such assets calculating the depreciation at 25% of the gross block. Particulars of assets as included under the aforesaid head i.e., miscellaneous assets are as under: - Books : Rs. 55,512.00 Tarpuline : Rs. 8,154.00 Water

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

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

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

1,66,29,402/-, a sum of Rs. 1430,009/- was added during the year and depreciation of Rs. 8,52,682/- was claimed on such assets calculating the depreciation at 25% of the gross block. Particulars of assets as included under the aforesaid head i.e., miscellaneous assets are as under: - Books : Rs. 55,512.00 Tarpuline : Rs. 8,154.00 Water

KANDOI AUTOMOBILES PVT. LTD.,CUTTACK vs. PRINCIPAL COMMISSIONER OF INCOME TAX, CUTTACK

In the result, appeal of the assessee is allowed

1) Rs.7,40,952/- 17,28,888/- Income from Business : Net Proift as per P & L A/c. Rs.3,96,329/- Less : Income to be considered Separately Rental Income Rs.24,69,840/- Interest received Rs.9,01,211/- Rs.33,71,051/- (-) Rs.29,74,722/- Add: Depreciation on Building given on rent Rs.1,81,529/- (-)27,93,193/- Income from other sources : Interest