SUDHANSU SEKHAR RAY,BHUBANESWAR vs. ITO, WARD-1(4), BHUBANESWAR, BHUBANESWAR

In the result, the appeals filed by the assessee are allowed for

Bench: S/Shri N.S Saini & Pavan Kumar Gadaleassessment Year :2007-08

house property is exempt from taxation under section 10(2) of the I.T.Act and u/s.47(1) of the I.T.Act, 1961 being ancestral property. 6

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

In the result, appeal of the assessee is allowed

Section 263 of the Act. Accordingly, he prayed for cancellation of the order passed by the ld. Pr.CIT. 5. On the other hand, ld. CIT-DR vehemently supported the order of the ld. Pr.CIT and submitted that the AO has wrongly assessed the rental income as income from business instead of its correct head i.e. "income from house property

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

In the result, appeal of the assessee is dismissed

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

property.] Explanation. - For the purposes of this section,- [ (i) omitted by Act 11 of 1987, Section 23 (w.e.f. 1.4.1988).] [* * *] net consideration", in relation to the transfer of a capital asset, means the full value of the consideration received or accruing as a result of the transfer of the capital asset as reduced by any expenditure incurred wholly and exclusively

PRAVANSHU SAMANTARAY,CUTTACK vs. THE INCOME TAX OFFICER, WARD-1(1), CUTTACK, CUTTACK

In the result, appeal of the assesee is allowed

Bench: Shri George Mathan & Shri Rajesh Kumarआयकर अपील सं/Ita No.369/Ctk/2025 (नििाारण वर्ा / Assessment Year : 2018-2019) Pravanshu Samantaray, Vs Ito, Ward-1(1), Cuttack C/O : Adikanda Samantaray, At: Rajabagicha,Po Telenga Bazar Dist : Cuttack-753009 Pan No. : Acxps 7565 D (अपीलार्थी /Appellant) (प्रत्यर्थी / Respondent) .. नििााररती की ओर से /Assessee By : Shri P.K.Mishra, Sr. Dr राजस्व की ओर से /Revenue By : Shri Vijay Singh, Sr. Dr सुनवाई की तारीख / Date Of Hearing : 24/09/2025 घोषणा की तारीख/Date Of Pronouncement : 24/09/2025 आदेश / O R D E R Per Bench : This Is An Appeal Filed By The Assessee Against The Order Of Ld.Cit(A), National Faceless Appeal Centre(Nfac), Delhi, Dated 29/04/2025, For The Assessment Year 2018-2019. 2. It Was Submitted By The Ld. Ar That The Assesee Owned One Residential House Representing A Flat In Bhubaneswar Where The Assesee Is Staying. The Assesee Is Also Deriving Rental Income From A Commercial Property Jointly Owned By The Assesee & His Brothers & Sisters. It Was The Submission That The Commercial Property Was Received By The Assesee On The Demise Of His Father. It Was The Submission That The Said Commercial Property Was A Joint Owned Property With The Brothers & Sisters Of The Assesee. It Was The Submission That The Assesee Also Owned

house but is a commercial property. Therefore, we are of the view that the assesee is entitled to the benefit of deduction u/s.54F of the Act. In these circumstances, the AO is directed to grant the assesee benefit of Section 4 54F of the Act as claimed by the assesee. Thus, the appeal of the assesee is allowed on this

DCIT,CORPORATE CIRCLE-1(1), BHUBANESWAR vs. M/SD. SRB CONSULTANCY (P) LIMITED, BHUBANESWAR

In the result, appeal of the revenue is dismissed and cross objections of the assessee are partly allowed

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

section 24 of the Act 29. In reply, ld CIT DR submitted that if the standard deduction has not been given, then it has to be considered u/s.154 of the Act. 30. We have considered the rival submissions. Admittedly, the assessee has claimed that deduction u/s.24 in respect of income assessed under the head “ income from house property

GOPI KRISHNA PANDA,BHUBANESWAR vs. ITO, BHUBANESWAR

In the result, the appeal filed by the assessee is partly allowed

Bench: Shri N.S Sainiassessment Year :2009-2010

6. The Assessing Officer examined in detail the claim of the assessee and also summoned the donors. The Assessing Officer observed that Shri Mohapatra, the first donor is the son of Shri Niranjan Mohapatra, who is the brother of Smt. Sarojini Pati, the mother-in-law of the assessee. By referring to section 56(2)(vi), which defines the term

PARIJA CONSTRUCTION COMPANY PVT. LTD,BHUBANESWAR vs. ITO, BHUBANESWAR

In the result, the appeals filed by the assessee are partly allowed

Bench: Shri N.S Saini

house property and not as income from business. Asse ssment Years: 2 00 6-0 7 & 20 08- 09 6. On appeal, ld CIT(A) confirmed the action of the Assessing Officer. 7. Before me, ld A.R. of the assessee submitted that in assessment year 2002-03, the assessee had shown the rental income from the property as income from

SARADA BHUSHAN MOHANTY,BHUBANESWAR vs. ACIT, CIRCLE- 1(1), SAMBALPUR

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

Bench: Shri Chandra Mohan Gargassessment Year : 2009-2010

section 143(1) of the Act but later on the AO vide rectification u/s.154 of the Act has disallowed the same as the same was not claimed originally under the head “income from house property”. The CBDT Circular No.14 of 1955 dated 11.04.1955 has clarified that the officers of the department must not take advantage of ignorance of the assessee

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

In the result, appeal of the assessee stands dismissed

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

6 | 8 Assessment Year : 2015-16 Enclave, which is a self occupied property. At the beginning of the specified date being 27.12.2014, admittedly, the assessee did hold two residential properties. However, at the end of the specified date, the assessee own only one residential house. A perusal of the proviso to section

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

6. There is another perspective from which the present issue can be examined. Under section 208 of the Companies Act, 1956 a company can pay interest on share capital which is issued for a specific purpose to defray expenses for construction of any work certain restrictions contained in sub-sections (2) to (7) of section 208. This section was specifically

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

6. There is another perspective from which the present issue can be examined. Under section 208 of the Companies Act, 1956 a company can pay interest on share capital which is issued for a specific purpose to defray expenses for construction of any work certain restrictions contained in sub-sections (2) to (7) of section 208. This section was specifically

SHRI MAHESH KUMAR AGARWAL,SUNDARGARH vs. DCIT, CENTRAL CIRCLE-2, BHUBANESWAR

In the result, assessee’s appeal in the case of Mahesh

Bench: Shri C.M. Garg, Jm & Shri Manish Borad, Am It(Ss)A No.117-119/Ctk/2018 ( Assessment Years :2011-2012 To 2013-2014) Mahesh Kumar Agarwal, Vs Dcit, Central Circle-2, Plot No.O-10, Civil Township, Bhubaneswar Rourkela, Sundargarh-769004 Pan No. : Abdpa 8307 Q & It(Ss)A No.146&147/Ctk/2018 (Assessment Years :2011-2012 & 2012-2013) Dcit, Central Circle-2, Vs Mahesh Kumar Agarwal, Bhubaneswar Plot No.O-10, Civil Township, Rourkela, Sundargarh-769004 Pan No. : Abdpa 8307 Q & It(Ss)A No.44/Ctk/2018 (नििाारण वषा / Assessment Year :2011-2012) Smt. Sanju Agarwal, Vs Dcit, Central Circle-2, Plot No.O-10, Civil Township, Bhubaneswar Rourkela, Sundargarh-769004 Pan No. : Aavpa 4328 C (अऩीलाथी /Appellant) (प्रत्यथी / Respondent) .. ननधाारिती की ओर से /Assessee By : Shri S.M.Surana, Ar िाजस्व की ओर से /Revenue By : Shri M.K.Gautam, Citdr सुनवाई की तािीख / Date Of Hearing : 22/10/2021 घोषणा की तािीख/Date Of Pronouncement : 10/01/2022 आदेश / O R D E R Per Bench: In The Above Captioned Seven Appeals, Five Appeals Have Been Filed By Two Different Assessees & Two Appeals Have 2 It(Ss)A Nos.44/Ctk/2018 It(Ss)A Nos.117-119/Ctk/2018 It(Ss)A Nos.146&147/Ctk/2018 & Ita No.382/Ctk/2018 Been Filed By The Department Which Are Directed Against The Separate Orders Of Cit(A)-2, Bhubaneswar, All Dated 31.01.2018 For The Assessment Years 2011-2012, 2012-2013, 2013-2014 & 2014-2015, Respectively.

property was found. 5. If the reference made is illegal, The AO cannot take advantage of his own mistake 6. If the refence is not valid, limitation cannot be extended 7. Even if it is presumed that the refence was valid, the Valuation report is not received within 6 months, limitation is to be counted from the date of expiry

BIKASH AGARWALLA,BHUBANESWAR vs. ITO, WARD-2(3), BHUBANESWAR

In the result, appeal filed by the assessee is dismissed

Bench: S/Shri N.S Saini & Pavan Kumar Gadaleassessment Year : 2014-2015

section 50C of the Act took the full value of consideration received on sale of house property as Rs.68,07,250/- and computed the long-term capital gain at Rs.17,79,936/-. While taking this view, the Assessing Officer took the cost of acquisition with indexation at the same amount of Rs.50,27,324/- as disclosed by the assessee

JAY KISHORE CHOUBEY,RAIRANGPUR vs. ACIT, CIRCLE-1, ASANSOL

In the result, appeal of the assessee stands allowed

Bench: Before S/Shri George Mathan, Judicial & Girish Agrawalassessment Year : 2010-2011 2011 Jay Jay Kishore Kishore Choubey, Choubey, Vs. Acit, Circle Acit, Circle-1, Asansol. Rairangpur Bazar, Rairangpur, Rairangpur Bazar, Rairangpur, Mayurbhanj. Pan/Gir No. Pan/Gir No.Acmpc 1759 N (Appellant) .. ( Respondent Respondent) Assessee By : Shri P.R.Mohanty P.R.Mohanty, Adv Revenue By : Shri Charan Das, Sr. Das, Sr. Dr Date Of Hearing : 29/11 11/2023 Date Of Pronouncement : 29/11 /11/2023 O R D E R Per Bench

House Property under section 24(a) Rs. 1,48,031 3. Depreciation under section 32 Rs.1,89,824 The condition precedent to the exercise of the jurisdiction under section 147 is the formation of a reason to believe by the Assessing P a g e 3 | 15 Assessment Year : 2010-2011 Officer. Upon the formation of the reason to believe

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)

house property. Likewise,a company may P a g e 11 | 16 C.O.No.09/CTK/2020 Assessment Year : 2015-16 have income from other sources.................The company may also, as in that case, keep the surplus funds in short-term deposits in order to earn interest. Such interest will be chargeable under section 56 of the Income-tax Act". Subsequently

BISWA RANJAN PATTNAIL,ANGUL vs. ITO, DHENKANAL

In the result, the appeal filed by the assessee is allowed

Bench: S/Shri N.S Saini & Pavan Kumar Gadaleassessment Year : 2006-07

house property and, accordingly, disallowed the claim and assessed the total income at Rs.3,34,530/- in an assessment under section 143(3)/147 of the Act. 6

DCIT (EXEMPTIONS), BHUBANESWAR vs. M/S. S.M.CHARITABLE EDUCATIONAL TRUST, BHUBANESWAR

In the result, appeals of the revenue are dismissed

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

house by Mudali family clearly attracts the provisions of section 13(1)( c) of the I.T. Act. b. Saiary given to trustees:- Shri Sangram Mudali and Smt Geetika Mudali, being the trustee members receive substantial salary from the trust. This salary is given to them out of resources of the trust, SMCET. As per clause (c) of para

DCIT (EXEMPTIONS), BHUBANESWAR vs. M/S. S.M.CHARITABLE EDUCATIONAL TRUST, BHUBANESWAR

In the result, appeals of the revenue are dismissed

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

house by Mudali family clearly attracts the provisions of section 13(1)( c) of the I.T. Act. b. Saiary given to trustees:- Shri Sangram Mudali and Smt Geetika Mudali, being the trustee members receive substantial salary from the trust. This salary is given to them out of resources of the trust, SMCET. As per clause (c) of para

DCIT (EXEMPTIONS), BHUBANESWAR vs. M/S. S.M.CHARITABLE EDUCATIONAL TRUST, BHUBANESWAR

In the result, appeals of the revenue are dismissed

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

house by Mudali family clearly attracts the provisions of section 13(1)( c) of the I.T. Act. b. Saiary given to trustees:- Shri Sangram Mudali and Smt Geetika Mudali, being the trustee members receive substantial salary from the trust. This salary is given to them out of resources of the trust, SMCET. As per clause (c) of para