INDUSTRIAL PROMOTION AND INVESTMENT CORPORATION OF ORISSA LTD.,BHUBANESWAR vs. DCIT, CORPORATE CIRCLE-1(1), BHUBANESWAR

In the result, appeal filed by the assessee is allowed and that of the

Bench: Shri Chandra Mohan Garg & Laxmi Prasad Sahuassessment Year : 2010-2011

carried forward to AIY 2011-12. The non-adjustment of the above addition to the income of the AIY 2007-08 and consequently, reduction of B/f business loss the same extent needs to be verified, which was not done during the course of scrutiny assessment. iv. Further, it is revealed that the assessee's income includes dividend of Rs.11

RAJ KISHORE PRUSTY,KENDRAPARA vs. PR. CIT-1, BHUBANESWAR

In the result, appeal of the assessee is allowed

Bench: S/ S/Shri Chandra Mohan Garg, Judicial & Arun Khodpia & Arun Khodpia & Arun Khodpiaassessment Year : 2016-17 Raj Kishore Prusty,At: Nuapatna, Raj Kishore Prusty,At: Nuapatna, Vs. Pr. Cit, Bhubaneswar Pr. Cit, Bhubaneswar-1 Po: Chandol, Dist: Kendrapara Po: Chandol, Dist: Kendrapara Pan/Gir No. No.Atdpp 8328 E (Appellant (Appellant) .. ( Respondent Respondent) Assessee By : Shri D.Parida, Ca D.Parida, Ca Revenue By : Shri Manoj Kumar Goutam, Manoj Kumar Goutam, Cit (Dr) Date Of Hearing : 8 /3/ 20 / 2022 Date Of Pronouncement : 05/ /4/2022 O R D E R Per C.M.Garg G, Jm This Is An Appeal Filed By The Assessee Against The Order Of The This Is An Appeal Filed By The Assessee Against The Order Of The This Is An Appeal Filed By The Assessee Against The Order Of The Pr. Cit-1, Bhubaneswar 1, Bhubaneswar U/S.263 Of The Act Dated 26.3.2021 U/S.263 Of The Act Dated 26.3.2021 For The Assessment Year .2016-17. 17. 2. The Assessee Has Raised The Following Grounds: The Assessee Has Raised The Following Grounds:

carry forward to next financial period. From the copies of notice dated 4.10.2018 and another notice dated 26.10.2018 u/s.142(1) of the Act, clearly reveals that the AO has made enquiries and called upon bank statement including Fixed Deposits from the assessee and the assessee complied first notice by way of filing reply dated 18.10.2018. We also observe that since

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, CORPORATE CIRCLE-1(1), BHUBANESWAR vs. M/S. INDUSTRIAL DEVELOPMENT CORPORATION OF ORISSA LTD., BHUBANESWAR

In the result, appeal of the Revenue is dismissed and appeal of

Bench: Shri C.M. Garg, Jm & Shri L.P. Sahu, Am आयकर अपीऱ सं./Ita No.379/Ctk/2017 (नििाारण वषा / Assessment Year : 2009 - 2010) Dcit, Corporate Circle-1(1), Vs. M/S Industrial Development Bhubaneswar Corporation Of Orissa Ltd., Idcol House, Ashok Nagar, Bhubaneswar स्थायी ऱेखा सं./Pan No. : Aaaci 4821 L & आयकर अपीऱ सं./Ita No.392/Ctk/2017 (नििाारण वषा / Assessment Year : 2009 - 2010) M/S Industrial Development Vs. Dcit, Corporate Circle-1(1), Corporation Of Orissa Ltd., Bhubaneswar Idcol House, Ashok Nagar, Bhubaneswar स्थायी ऱेखा सं./Pan No. : Aaaci 4821 L (अऩीऱाथी /Appellant) (प्रत्यथी / Respondent) .. यनधागररती की ओर से /Assessee By : Shri S.C.Bhadra,Ca राजस्व की ओर से /Revenue By : Shri M.K.Gautam, Cit-Dr सुनवाई की तारीख / Date Of Hearing : 29/01/2020 घोषणा की तारीख/Date Of Pronouncement : 17/02/2020 आदेश / O R D E R Per L.P.Sahu, Am : These Are The Cross Appeals Filed By The Revenue & Assessee, Arising Out Of The Order Dated 15.06.2017 Passed By The Cit(A)-3, Bhubaneswar, For The Assessment Year 2009-2010. 2. First We Shall Take Up The Appeal Of The Revenue In Ita

forward from earlier years of Rs.28,80,98,231/-, he assessed income of the year at Rs. 41,91,96,769/-, rounded off to Rs.41,91,96,770/-. Further the assessment was completed u/s.263/143(3) of the Act dated 30.07.2014 determining total income at Rs.94,73,96,770/-. Subsequently, the assessment u/s.147/251/143(3) of the Act was completed

THE INDUSTRIAL DEVELOPMENT CORPORATION OF ORISSA LIMITED,BHUBANESWAR vs. DCIT, CIRCLE-1, BHUBANESWAR

In the result, appeal of the Revenue is dismissed and appeal of

Bench: Shri C.M. Garg, Jm & Shri L.P. Sahu, Am आयकर अपीऱ सं./Ita No.379/Ctk/2017 (नििाारण वषा / Assessment Year : 2009 - 2010) Dcit, Corporate Circle-1(1), Vs. M/S Industrial Development Bhubaneswar Corporation Of Orissa Ltd., Idcol House, Ashok Nagar, Bhubaneswar स्थायी ऱेखा सं./Pan No. : Aaaci 4821 L & आयकर अपीऱ सं./Ita No.392/Ctk/2017 (नििाारण वषा / Assessment Year : 2009 - 2010) M/S Industrial Development Vs. Dcit, Corporate Circle-1(1), Corporation Of Orissa Ltd., Bhubaneswar Idcol House, Ashok Nagar, Bhubaneswar स्थायी ऱेखा सं./Pan No. : Aaaci 4821 L (अऩीऱाथी /Appellant) (प्रत्यथी / Respondent) .. यनधागररती की ओर से /Assessee By : Shri S.C.Bhadra,Ca राजस्व की ओर से /Revenue By : Shri M.K.Gautam, Cit-Dr सुनवाई की तारीख / Date Of Hearing : 29/01/2020 घोषणा की तारीख/Date Of Pronouncement : 17/02/2020 आदेश / O R D E R Per L.P.Sahu, Am : These Are The Cross Appeals Filed By The Revenue & Assessee, Arising Out Of The Order Dated 15.06.2017 Passed By The Cit(A)-3, Bhubaneswar, For The Assessment Year 2009-2010. 2. First We Shall Take Up The Appeal Of The Revenue In Ita

forward from earlier years of Rs.28,80,98,231/-, he assessed income of the year at Rs. 41,91,96,769/-, rounded off to Rs.41,91,96,770/-. Further the assessment was completed u/s.263/143(3) of the Act dated 30.07.2014 determining total income at Rs.94,73,96,770/-. Subsequently, the assessment u/s.147/251/143(3) of the Act was completed

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

carried forward to next assessment year was also inadmissible. 7. Hence, ld Pr. CIT relying on the decision of Hon’ble Supreme Court in the case of Malbar Industrial Co. Ltd vs CIT, 243 ITR 83 (SC) and other decisions on the issue, observed that the Assessing Officer has completed the assessment without enquiry or verification, which rendered the assessment

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

RABINDRA KUMAR MOHANTY,BHUBANESWAR vs. ITO, WARD-2(2), BHUBANESWAR

In the result, Appeal of the assessee in ITANo

Bench: Shri C.M. Garg, Jm & Shri Manish Borad, Am आयकर अपीऱ सं./Ita No.300/Ctk/2016 (नििाारण वषा / Assessment Year :2009-2010) Rabindra Kumar Mohanty, Vs Ito, Ward-2(2), C/O Dr. Basudev Mishra, Bhubaneswar Plot No.3C/1, 1St Floor, Near Raj Bhawan Square, Unit-8, Bhubaneswar- 751012 Pan No. : Abxpm 8506 B (अऩीलाथी /Appellant) (प्रत्यथी / Respondent) .. ननधाारिती की ओर से /Assessee : Shri Natabar Panda, Advocate By िाजस्व की ओर से /Revenue By : Shri S.C.Mohanty, Sr.Dr सुनवाई की तािीख / Date Of Hearing : 26/10/2021 घोषणा की तािीख/Date : 21/12/2021 Of Pronouncement आदेश / O R D E R Per Bench: The Captioned Appeal Filed At The Instance Of Assessee Is Directed Against The Order Passed By The Ld. Commissioner Of Income Tax(Appeals)-2, Bhubaneswar (In Short ‘The Cit(A)’), Dated 22.02.2016 For The Assessment Year 2009-2010. 2. This Appeal Itano.300/Ctk/2016 Was Dismissed By This Tribunal Vide Order Dated 30.08.2017 On Account Of Non- Appearance On The Part Of The Assessee. Thereafter The Assessee Took The Matter Before The Hon’Ble High Court & The Hon’Ble High Court In W.P.(C) No.2487 Of 2019, Vide

Loss Account & Balance Sheet for the FY: 2008-09 dated-25.09.2009 is enclosed herewith and marked as ANNEXURE-I. 03. That the assessment order for the said year was completed U/s.143(3) of the Act on 02.11.2011 rejecting the book results and estimating the Total Income @2.5% of the Gross Receipts (RsA,18,04,300.00) u/s.145

BHUVANA PROJECTS PRIVATE LIMITED,BHUBANESWAR vs. DY. COMMISSIONER OF INCOME TAX, CORPORATE CIRCLE

In the result, appeal of the assessee is allowed

Bench: Shri George Mathan & Shri Manish Agarwalआयकर अऩीऱ सं/Ita No.105/Ctk/2024 (ननधाारण वषा / Assessment Year : 2015-2016) Bhuvana Projects Private Ltd. Vs Dcit, Corporate Circle, Flat No.908, Bhuvana Pride, Bhubaneswar Ranasinghpur, Odisha Pan No. :Aaecb 3452 A (अऩीऱाथी /Appellant) (प्रत्यथी / Respondent) .. ननधााररती की ओर से /Assessee By : Shri P.R.Mohanty, Advocate राजस्व की ओर से /Revenue By : Shri S.C.Mohanty, Sr. Dr सुनवाई की तारीख / Date Of Hearing : 29/08/2024 घोषणा की तारीख/Date Of Pronouncement : 29/08/2024 आदेश / O R D E R Per Bench : This Is An Appeal Filed By The Assessee Against The Order Dated 24.01.2024 Passed By The Ld. Cit(A), National Faceless Appeal Centre (Nfac), Delhi, In Din & Order No.Itba/Nfac/S/250/2023- 24/1060081750(1) For The Assessment Year 2015-2016, On The Following Grounds Of Appeal :- 1. That The Impugned Appellate Order By The Commissioner Of Income Tax ( Appeals), National Faceless Appeal Centre, Income Tax Department, Govt. Of India Is Bad In Law & Without Application Of Mind. 2. That The Ld. Cit(A) Has Erred In Confirming The Order Of The Assessing Officer Assessing The Taxable Income Of The Assessee Based On Percentage Completion Method Without Considering The Consistent Method Of Actual Performance Adopted By The Assessee Since Its Inception Declaring The Income For The Year. The Application Of As 7 To Arrive At The Income Is Notional & Hypothetical In Nature Which Cannot Override The Books Of Accounts Maintained By The Assessee & Therefore, Assessing A High Pitch Income Against The Returned Loss Of The Assessee Is Not Tenable In The Eyes Of Legal Standing & Therefore, The Same Should Be Quashed & The Income

forward the work-in-progress from the preceding year and the cost incurred during the year was added in the work-in-progress and was taken over to the subsequent assessment year by following the project completion method. Since no sale agreement was executed nor any possession was given to any buyer, therefore, no revenue was recognised during the year

M/S BERHAMPUR DEVELOPMENT AUTHORITY vs. ITO, BERHAMPUR

In the result, appeal of the assessee is allowed

Bench: Shri Chandra Mohan Garg & Laxmi Prasad Sahu

carried the matter in appeal upto ITAT and the matter was restored to the file of the AO by the Tribunal dated 12.9.2011 in ITA No.299/CTK/2011 in the light of the fact that the CIT(A) rightly noted that the application of funds were on account of revenue for claiming application of funds of income exempt under the provisions

DCIT, CENTRAL CIRCLE, SAMBALPUR vs. M/S. TARINI MINERALS PVT. LTD., ROURKELA

In the result, appeals filed by the revenue and cross objections filed by the assessee are dismissed

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

reassessment proceedings u/s.147 is based on report of Justice M.B.Shah Commission in regard to illegal mining in the State of Odisha which was placed in the public domain in the months of July, 2013 and October, 2013. Ld CIT (A) further goes on to hold that without any independent application of mind, the AO has accepted the Commissions finding that

DCIT,CENTRAL CIRCLE,, SAMBALPUR vs. M/S. MAA TARINI MINERALS PVT.LIMITED, SUNDARGARH

In the result, appeals filed by the revenue and cross objections filed by the assessee are dismissed

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

reassessment proceedings u/s.147 is based on report of Justice M.B.Shah Commission in regard to illegal mining in the State of Odisha which was placed in the public domain in the months of July, 2013 and October, 2013. Ld CIT (A) further goes on to hold that without any independent application of mind, the AO has accepted the Commissions finding that

DCIT,CENTRAL CIRCLE, SAMBALPUR vs. M/S. TARINI MINERALS PVT. LIMITED, SUNDARGARH

In the result, appeals filed by the revenue and cross objections filed by the assessee are dismissed

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

reassessment proceedings u/s.147 is based on report of Justice M.B.Shah Commission in regard to illegal mining in the State of Odisha which was placed in the public domain in the months of July, 2013 and October, 2013. Ld CIT (A) further goes on to hold that without any independent application of mind, the AO has accepted the Commissions finding that

DCIT,CENTRAL CIRCLE, SAMBALPUR vs. M/S. TARINI MINERALS PVT. LIMITED, SUNDARGARH

In the result, appeals filed by the revenue and cross objections filed by the assessee are dismissed

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

reassessment proceedings u/s.147 is based on report of Justice M.B.Shah Commission in regard to illegal mining in the State of Odisha which was placed in the public domain in the months of July, 2013 and October, 2013. Ld CIT (A) further goes on to hold that without any independent application of mind, the AO has accepted the Commissions finding that

DCIT, CENTRAL CIRCLE, SAMBALPUR vs. M/S. TARINI MINERALS PVT. LIMITED, SUNDARGARH

In the result, appeals filed by the revenue and cross objections filed by the assessee are dismissed

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

reassessment proceedings u/s.147 is based on report of Justice M.B.Shah Commission in regard to illegal mining in the State of Odisha which was placed in the public domain in the months of July, 2013 and October, 2013. Ld CIT (A) further goes on to hold that without any independent application of mind, the AO has accepted the Commissions finding that

DCIT, CENTRAL CIRCLE,SAMBALPUR, SAMBALPUR vs. M/S. TARINI MINERALS PVT. LIMITED, SUNDARGARH

In the result, appeals filed by the revenue and cross objections filed by the assessee are dismissed

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

reassessment proceedings u/s.147 is based on report of Justice M.B.Shah Commission in regard to illegal mining in the State of Odisha which was placed in the public domain in the months of July, 2013 and October, 2013. Ld CIT (A) further goes on to hold that without any independent application of mind, the AO has accepted the Commissions finding that

ACIT, BHUBANESWAR vs. M/S. NEELACHAL GRAMYA BANK, BHUBANESWAR

In the result, appeal filed by the revenue and cross objection

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

Loss Account as per the method of accounting under accrual system of accounting, and the provision for bad and doubtful debts which has been accepted by the Id AO after due verification and is legally correct and income as stated by AO. d. It is pertinent to note that the assessee had disclosed all material facts and has also furnished

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

In the result, appeal of the assessee is allowed

loss computed under the assessment dated 29-12-2000 would attain finality. In such a case, the AO while passing the independent assessment order under Section 153A read with Section 143(3) of the I.T Act could not have disturbed the assessment/reassessment order which has attained finality, unless the materials gathered in the course of the proceedings under Section 153A