ACIT, CORPORATE CIRCLE-1(2), BHUBANESWAR vs. M/S. NATIONAL ALUMINIUM COMPANY LTD., BHUBANESWAR

In the result, appeal of the assessee i

Bench: Shri N.S.Saini, Am & Shri Pavan Kumar Gadale, Jm आयकर अपील सं./Ita No.197/Ctk/2017 ("नधा"रण वष" / Assessment Year :2013-2014) Asst.Cit, Corporate Circle- Vs. National Aluminium Company 1(2), Bhubaneswar Limited, Nalco Bhawan, P/1, Nayapalli, Bhubaneswar "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacn 7449 M (अपीलाथ" /Appellant) (""यथ" / Respondent) .. & आयकर अपील सं./Ita No.211/Ctk/2017 ("नधा"रण वष" / Assessment Year :2013-2014) National Aluminium Company Vs. Asst.Cit, Corporate Circle- Limited, 1(2), Bhubaneswar Nalco Bhavan, P/1, Nayapalli, Bhubaneswar "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacn 7449 M (अपीलाथ" /Appellant) (""यथ" / Respondent) .. & Cross Objection No.10/Ctk/2017 (Arising Out Of Ita No.197/Ctk/2017) ("नधा"रण वष" / Assessment Year :2013-2014) National Aluminium Company Vs. Asst.Cit, Corporate Circle- Limited, 1(2), Bhubaneswar Nalco Bhavan, P/1, Nayapalli, Bhubaneswar "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacn 7449 M (अपीलाथ" /Appellant) (""यथ" / Respondent) .. "नधा"रती क" ओर से /Assessee By : Shri B.K.Mahapatra,Ca राज"व क" ओर से /Revenue By : Shri Saad Kidwai, Citdr सुनवाई क" तार"ख / Date Of Hearing : 27/06/2018 घोषणा क" तार"ख/Date Of Pronouncement 29/06/2018 आदेश / O R D E R Per Shri Pavan Kumar Gadale, Jm: These Are The Cross Appeals Filed By The Assessee & Revenue & Cross Objection By The Assessee, Against The Order Of The Cit(A)-1, Co No.10/Ctk/2018 Bhubaneswar, Passed In It Appeal No.0511/15-16, Dated 03.02.2017 For The Assessment Years 2013-2014. 2. Since Issues In Both The Appeals Are Common, They Were Heard

172/- by invoking the provisions of Section 14A r.w.Rule 8D, observing that the disallowance suo-moto made by the assessee is very less compared to the administrative and employee cost devoted to earn the exempt income. 19. On appeal, the CIT(A) has confirmed the disallowance as there may not be any direct expense and that the assessee

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/-

4. So far as Question (b) is concerned, the impugned order of the Tribunal followed its decision in M/s Essar Teleholdings Ltd. vs. DCIT in ITA No. 3850/Mum/2010 to held that an amount disallowed under Section 14-A of the Act cannot be added to arrive at book profit for purposes of Section 115JB of the Act. The Revenue

BASUKINATH ROADWAYS PVT. LTD.,SUNDARGARH vs. PRINCIPAL CIT(CENTRAL), VISAKHAPATNAM

In the result, appeal of the assessee is allowed

172 (Allahabad) : "Section 153A, read with section 143 of the Income-tax Act, 1961 - Search and seizure - Assessment in case of (Scope of assessment) - Assessment year 2000-01 - Whether Assessing Officer has power to reassess returns of assessee not only for undisclosed income, which was found during search operation but also with regard to material that was available at time

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

172 (Mumbai Tri.) 5. Kiran Agarwal vs. ITO in ITANo.196/CTK/2018(Tribunal Cuttack) 6. S.K. Agarwal vs. ITO ITANo.197/CTK/2018 (Tribunal Cuttack) 7. Manish Kumar Baid vs. ACIT ITANo.1236/Kol/2017(Tribunal Kolkata) 17. We have heard rival contentions and perused the records placed before us and carefully gone through decisions referred and relied by both the pareis and have also perused the paper

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

172 (Mumbai Tri.) 5. Kiran Agarwal vs. ITO in ITANo.196/CTK/2018(Tribunal Cuttack) 6. S.K. Agarwal vs. ITO ITANo.197/CTK/2018 (Tribunal Cuttack) 7. Manish Kumar Baid vs. ACIT ITANo.1236/Kol/2017(Tribunal Kolkata) 17. We have heard rival contentions and perused the records placed before us and carefully gone through decisions referred and relied by both the pareis and have also perused the paper

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

172 (Mumbai Tri.) 5. Kiran Agarwal vs. ITO in ITANo.196/CTK/2018(Tribunal Cuttack) 6. S.K. Agarwal vs. ITO ITANo.197/CTK/2018 (Tribunal Cuttack) 7. Manish Kumar Baid vs. ACIT ITANo.1236/Kol/2017(Tribunal Kolkata) 17. We have heard rival contentions and perused the records placed before us and carefully gone through decisions referred and relied by both the pareis and have also perused the paper

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

172 (Mumbai Tri.) 5. Kiran Agarwal vs. ITO in ITANo.196/CTK/2018(Tribunal Cuttack) 6. S.K. Agarwal vs. ITO ITANo.197/CTK/2018 (Tribunal Cuttack) 7. Manish Kumar Baid vs. ACIT ITANo.1236/Kol/2017(Tribunal Kolkata) 17. We have heard rival contentions and perused the records placed before us and carefully gone through decisions referred and relied by both the pareis and have also perused the paper

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

172 (Mumbai Tri.) 5. Kiran Agarwal vs. ITO in ITANo.196/CTK/2018(Tribunal Cuttack) 6. S.K. Agarwal vs. ITO ITANo.197/CTK/2018 (Tribunal Cuttack) 7. Manish Kumar Baid vs. ACIT ITANo.1236/Kol/2017(Tribunal Kolkata) 17. We have heard rival contentions and perused the records placed before us and carefully gone through decisions referred and relied by both the pareis and have also perused the paper

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

172 (Mumbai Tri.) 5. Kiran Agarwal vs. ITO in ITANo.196/CTK/2018(Tribunal Cuttack) 6. S.K. Agarwal vs. ITO ITANo.197/CTK/2018 (Tribunal Cuttack) 7. Manish Kumar Baid vs. ACIT ITANo.1236/Kol/2017(Tribunal Kolkata) 17. We have heard rival contentions and perused the records placed before us and carefully gone through decisions referred and relied by both the pareis and have also perused the paper

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

172 (Mumbai Tri.) 5. Kiran Agarwal vs. ITO in ITANo.196/CTK/2018(Tribunal Cuttack) 6. S.K. Agarwal vs. ITO ITANo.197/CTK/2018 (Tribunal Cuttack) 7. Manish Kumar Baid vs. ACIT ITANo.1236/Kol/2017(Tribunal Kolkata) 17. We have heard rival contentions and perused the records placed before us and carefully gone through decisions referred and relied by both the pareis and have also perused the paper

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

172 (Mumbai Tri.) 5. Kiran Agarwal vs. ITO in ITANo.196/CTK/2018(Tribunal Cuttack) 6. S.K. Agarwal vs. ITO ITANo.197/CTK/2018 (Tribunal Cuttack) 7. Manish Kumar Baid vs. ACIT ITANo.1236/Kol/2017(Tribunal Kolkata) 17. We have heard rival contentions and perused the records placed before us and carefully gone through decisions referred and relied by both the pareis and have also perused the paper

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

172 (Mumbai Tri.) 5. Kiran Agarwal vs. ITO in ITANo.196/CTK/2018(Tribunal Cuttack) 6. S.K. Agarwal vs. ITO ITANo.197/CTK/2018 (Tribunal Cuttack) 7. Manish Kumar Baid vs. ACIT ITANo.1236/Kol/2017(Tribunal Kolkata) 17. We have heard rival contentions and perused the records placed before us and carefully gone through decisions referred and relied by both the pareis and have also perused the paper

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

172 (Mumbai Tri.) 5. Kiran Agarwal vs. ITO in ITANo.196/CTK/2018(Tribunal Cuttack) 6. S.K. Agarwal vs. ITO ITANo.197/CTK/2018 (Tribunal Cuttack) 7. Manish Kumar Baid vs. ACIT ITANo.1236/Kol/2017(Tribunal Kolkata) 17. We have heard rival contentions and perused the records placed before us and carefully gone through decisions referred and relied by both the pareis and have also perused the paper

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

172 (Mumbai Tri.) 5. Kiran Agarwal vs. ITO in ITANo.196/CTK/2018(Tribunal Cuttack) 6. S.K. Agarwal vs. ITO ITANo.197/CTK/2018 (Tribunal Cuttack) 7. Manish Kumar Baid vs. ACIT ITANo.1236/Kol/2017(Tribunal Kolkata) 17. We have heard rival contentions and perused the records placed before us and carefully gone through decisions referred and relied by both the pareis and have also perused the paper

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

172 (Mumbai Tri.) 5. Kiran Agarwal vs. ITO in ITANo.196/CTK/2018(Tribunal Cuttack) 6. S.K. Agarwal vs. ITO ITANo.197/CTK/2018 (Tribunal Cuttack) 7. Manish Kumar Baid vs. ACIT ITANo.1236/Kol/2017(Tribunal Kolkata) 17. We have heard rival contentions and perused the records placed before us and carefully gone through decisions referred and relied by both the pareis and have also perused the paper

MJSJ COAL LIMITED,ANGUL vs. ITO, WARD-1(3), BHUBANESWAR

Appeals of the assessee are allowed

Bench: Shri N.S.Saini, Am & Shri Pavan Kumar Gadale, Jm आयकर अपील सं./Ita Nos.429/Ctk/2016, 68/Ctk/2017 & 107/Ctk/2018 ("नधा"रण वष" / A.Ys :2011-2012, 2013-2014 & 2014-2015) Mjsj Coal Limited, Vs. Ito, Ward-2, Dhenkanal / At/Po:Balanda, Talcher, Ito, Ward-1(3), Bhubaneswar Dist-Angul, Odisha-759116 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aagcm 1095 E (अपीलाथ" /Appellant) (""यथ" / Respondent) .. "नधा"रती क" ओर से /Assessee By : Shri K.K.Bal, Ar राज"व क" ओर से /Revenue By : Shri Subhendu Dutta, Citdr सुनवाई क" तार"ख / Date Of Hearing : 28/08/2018 घोषणा क" तार"ख/Date Of Pronouncement 31/08/2018 आदेश / O R D E R Per Shri Pavan Kumar Gadale, Jm: These Are The Appeals Filed By The Assessee Against The Separate Orders Of Cit(A)-1&3, Bhubaneswar, Dated 28.04.2016, 04.11.2016 & 04.12.2017 Passed In I.T.Appeal Nos.0120/2014-15, 0472/15-16 & 0254/16-17, For The Assessment Years 2011-2012, 2013-2014 & 2014- 2015. 2. Since Issues The Above Appeals Are Common, Therefore, They Are Heard Together & Disposed Off By This Consolidated Order. For The Sake Of Convenience We Shall Take Up Assessee’S Appeal I.E. Ita No.429/Ctk/2016 For Assessment Year 2011-2012 & The Grounds & Facts Mentioned Therein, Wherein The Assessee Has Raised The Following Grounds Of Appeal :- Ground Of Appeal • We Are Not Agreeing With The Computation Of Tax On Interest Earn By Company Made By Assessing Officer. • During The Assessment, The Cases We Submitted To Justify Our Claim (As Mentioned In Statement Of Facts) Has Not Been Paid Any Emphasis For Deciding The Case By The A.0 & Cit (Appeal- 3),Bhubaneswar. On The Other Hand The A.0 & Cit (Appeal-3) Finally Imposed His Decision Based On The Facts Of Alkali Tuticorin Chem. & Fertilizers Ltd. In Which It Has Earned Interest On The Funds, Were Borrowed Funds Only

172 (SC) is not applicable to the present facts of the case. In the present case the assessee company has not commenced its business and the interest from bank deposits is duly capitalized under the head work-in-progress as per guidelines and are directly linked/nexus with the activities of setting up the plant and machinery. Therefore, the receipts

MJSJ COAL LIMITED,ANGUL vs. ITO, WARD-2, DHENKANAL

Appeals of the assessee are allowed

Bench: Shri N.S.Saini, Am & Shri Pavan Kumar Gadale, Jm आयकर अपील सं./Ita Nos.429/Ctk/2016, 68/Ctk/2017 & 107/Ctk/2018 ("नधा"रण वष" / A.Ys :2011-2012, 2013-2014 & 2014-2015) Mjsj Coal Limited, Vs. Ito, Ward-2, Dhenkanal / At/Po:Balanda, Talcher, Ito, Ward-1(3), Bhubaneswar Dist-Angul, Odisha-759116 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aagcm 1095 E (अपीलाथ" /Appellant) (""यथ" / Respondent) .. "नधा"रती क" ओर से /Assessee By : Shri K.K.Bal, Ar राज"व क" ओर से /Revenue By : Shri Subhendu Dutta, Citdr सुनवाई क" तार"ख / Date Of Hearing : 28/08/2018 घोषणा क" तार"ख/Date Of Pronouncement 31/08/2018 आदेश / O R D E R Per Shri Pavan Kumar Gadale, Jm: These Are The Appeals Filed By The Assessee Against The Separate Orders Of Cit(A)-1&3, Bhubaneswar, Dated 28.04.2016, 04.11.2016 & 04.12.2017 Passed In I.T.Appeal Nos.0120/2014-15, 0472/15-16 & 0254/16-17, For The Assessment Years 2011-2012, 2013-2014 & 2014- 2015. 2. Since Issues The Above Appeals Are Common, Therefore, They Are Heard Together & Disposed Off By This Consolidated Order. For The Sake Of Convenience We Shall Take Up Assessee’S Appeal I.E. Ita No.429/Ctk/2016 For Assessment Year 2011-2012 & The Grounds & Facts Mentioned Therein, Wherein The Assessee Has Raised The Following Grounds Of Appeal :- Ground Of Appeal • We Are Not Agreeing With The Computation Of Tax On Interest Earn By Company Made By Assessing Officer. • During The Assessment, The Cases We Submitted To Justify Our Claim (As Mentioned In Statement Of Facts) Has Not Been Paid Any Emphasis For Deciding The Case By The A.0 & Cit (Appeal- 3),Bhubaneswar. On The Other Hand The A.0 & Cit (Appeal-3) Finally Imposed His Decision Based On The Facts Of Alkali Tuticorin Chem. & Fertilizers Ltd. In Which It Has Earned Interest On The Funds, Were Borrowed Funds Only

172 (SC) is not applicable to the present facts of the case. In the present case the assessee company has not commenced its business and the interest from bank deposits is duly capitalized under the head work-in-progress as per guidelines and are directly linked/nexus with the activities of setting up the plant and machinery. Therefore, the receipts

PURNA CHANDRA BISWAL,JAJPUR vs. PRINCIPAL CIT, CUTTACK

In the result, appeal of the assessee is partly allowed

Bench: Shri C.M. Garg, Jm & Shri L.P. Sahu, Am आयकर अपीऱ सं./Ita No.200/Ctk/2018 (नििाारण वषा / Assessment Year :2013-2014) Sri Purna Chandra Biswal, Vs. Principal Cit, Cuttack Jakhapura, Jajpur-755019 स्थायी लेखा सं./Panno. : Aclpb 1493 P (अऩीलाथी /Appellant) (प्रत्यथी / Respondent) .. ननधाारिती की ओर से /Assessee By : Shri S.K.Sarangi, Ar िाजस्व की ओर से /Revenue By : Shri S.M.Keshkamat, Citdr

172/- Profit before depreciation estimated @ 12 % of gross receipts Rs.46,26,980/-(A) B. Gross receipts from machinery hire charges Rs. 38,22,927/- Profit before depreciation estimated @ 25% Of gross receipts Rs. 9,55,732/-(B) C, Profit before depreciation (A+-B) Rs. 55.82,712/- Less; Depreciation allowable Rs. 34,35,249/- D. Income from business

DCIT, CORPORATE CIRCLE -1(2), BHUBANESWAR vs. M/S. POSCO INDIA PRIVATE LIMITED, BHUBANESWAR

In the result, appeal filed by the revenue and cross objection filed by the assessee is dismissed

Bench: Before S/Shri George Mathan, Judicial & Arun Khodpia & Arun Khodpia & Arun Khodpiaassessment Year : 2015-16 Dcit, Corporate Circle Dcit, Corporate Circle-1(2), Vs. M/S. Posco India Pvt Ltd., M/S. Posco India Pvt Ltd., Bhubaneswar. Bhubaneswar. Ground Floor, Fortune Towers, Ground Floor, Fortune Towers, Zone-6, 6, Chandrasekharpur, Chandrasekharpur, Bhubaneswar. Bhubaneswar. Pan/Gir No. No.Aadcp 6735 B (Appellant (Appellant) .. ( Respondent Respondent) C.O.No.09/Ctk/2020 (In Ita No.423/Ctk/2019) (In Ita No.423/Ctk/2019) Assessment Year : 2015-16 M/S. Posco India Pvt Ltd., M/S. Posco India Pvt Ltd., Vs. Dcit, Corporate Circle Dcit, Corporate Circle-1(2), Ground Floor, Fortune Towers, Ground Floor, Fortune Towers, Bhubaneswar Bhubaneswar Zone-6, 6, Chandrasekharpur, Chandrasekharpur, Bhubaneswar. Bhubaneswar. Pan/Gir No.Aadcp 6735 B Pan/Gir No.Aadcp 6735 B (Appellant (Appellant) .. ( Respondent Respondent)

172) that it is totally immaterial whether the funds were raised by the issue of share or debentures. If the money lying idle is put into FDs, then interest income so earned would be revenue in nature chargeable to Lax. iv.) In the case of Maharashtra Airport Development Co. Ltd. Vs. DOT (35 taxmann.com 591), the Honourable Mumbai