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

purchase was made only by applying section 40A(3) wherever the payment were in excess of Rs. 20,000/. Therefore sundry creditors cannot be said to be bogus and no addition can be made as bogus creditors. It is further submitted that even if it is presumed that there were unconfirmed creditors, then whether the provision of section 68

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

purchase of shares at such a high premium. The present case is on a similar footing since the amount of loan involved is Rs.1.05 crores and Kedarnath Tie Up Pvt. Ltd. had shown income of Rs.8,61,950/- in its return of income for A.Y. 2018-19. 13. It was held by the Hon'ble Gujarat High Court

M/S. NIYATI FOODS PRIVATE LIMITED,JHARSUGUDA vs. ACIT, CIRCLE-1(1), BHUBANESWAR

Bench: S/Shri N.S Saini & Pavan Kumar Gadaleassessment Year : 2006-2007

bogus companies, which are being used as conduit for rotating the money despite no real business or physical existence. Hence, M/s Auroplast Merchandise Pvt Ltd, M/s Saffire Export Agency Pvt Ltd, M/s Sun Rays Agencies Pvt Ltd and M/s Vindya Agencies Pvt Ltd definitely fail on the ground of "Identity" "Credit worthiness" and "Genuineness of Transaction" as these are nothing

RASHI AGRAWAL,CUTTACKI vs. INCOME TAX OFFICER, CUTTACK

In the result, appeal of the assessee allowed

Section 68 of the Act. It is recorded that “There is no dispute that the shares of the two companies were purchased online, the payments have been made through banking channel, and the shares were dematerialized and the sales have been routed from de- mat account and the consideration has been received through banking channels.” The above noted factors, including

M/S. GRM TRADING CO.,ANGUL vs. ACIT, CIRCLE-2(1), BHUBANESWAR

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

Bench: Before S/Shri George Mathan, Judicial & Arun Khodpia & Arun Khodpia & Arun Khodpiaassessment Year : 2012-13 M/S. Grm Trading Co., Bazar M/S. Grm Trading Co., Bazar Vs. Acit, Circle Acit, Circle-2(1), Chowk, Angul. Chowk, Angul. Bhubaneswar. Bhubaneswar. Pan/Gir No.Aajfg 9627 N (Appellant (Appellant) .. ( Respondent Respondent) Assessee By : Shrip.R.Mohanty P.R.Mohanty , Ar Revenue By : Shri M.K.Gautam, Cit ( Cit (Dr) Date Of Hearing : 20/6 6/ 2022 Date Of Pronouncement : 20/ /6/2022 O R D E R Per Bench

68,49,286.72 and RTGS purchase of Rs. 14,46,78,732.20. On the contrary, the assessee has disclosed total purchase of Rs.25,25,48,378/ in his audited accounts(in the return of income the purchase figure is Rs.25,25,48,384/-). Thus, the assessee has made unaccounted purchase at Rs.1,89,79,640.92 (Rs.27,15,28,018.92 minus

RIDHI BAGARIA,CUTTACK vs. ITO WARD-1(1), CUTTACK

In the result, appeal of the assessee allowed

Section 68 of the Act. It is recorded that “There is no dispute that the shares of the two companies were purchased online, the payments have been made through banking channel, and the shares were dematerialized and the sales have been routed from de- through banking channels.” The above noted factors, including the deficient enquiry conducted

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

purchase and sale, Demat Account and Bank statement and Ld. AO could not find any mistake or defect in these documents. Action of the Ld. AO of treating the alleged LTCG as bogus was solely based on the enquiry report carried out in the case of 3rd persons much before the date of survey conducted at the assessee premises. Nothing

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

purchase and sale, Demat Account and Bank statement and Ld. AO could not find any mistake or defect in these documents. Action of the Ld. AO of treating the alleged LTCG as bogus was solely based on the enquiry report carried out in the case of 3rd persons much before the date of survey conducted at the assessee premises. Nothing

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

purchase and sale, Demat Account and Bank statement and Ld. AO could not find any mistake or defect in these documents. Action of the Ld. AO of treating the alleged LTCG as bogus was solely based on the enquiry report carried out in the case of 3rd persons much before the date of survey conducted at the assessee premises. Nothing

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

purchase and sale, Demat Account and Bank statement and Ld. AO could not find any mistake or defect in these documents. Action of the Ld. AO of treating the alleged LTCG as bogus was solely based on the enquiry report carried out in the case of 3rd persons much before the date of survey conducted at the assessee premises. Nothing

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

purchase and sale, Demat Account and Bank statement and Ld. AO could not find any mistake or defect in these documents. Action of the Ld. AO of treating the alleged LTCG as bogus was solely based on the enquiry report carried out in the case of 3rd persons much before the date of survey conducted at the assessee premises. Nothing

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

purchase and sale, Demat Account and Bank statement and Ld. AO could not find any mistake or defect in these documents. Action of the Ld. AO of treating the alleged LTCG as bogus was solely based on the enquiry report carried out in the case of 3rd persons much before the date of survey conducted at the assessee premises. Nothing

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

purchase and sale, Demat Account and Bank statement and Ld. AO could not find any mistake or defect in these documents. Action of the Ld. AO of treating the alleged LTCG as bogus was solely based on the enquiry report carried out in the case of 3rd persons much before the date of survey conducted at the assessee premises. Nothing

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

purchase and sale, Demat Account and Bank statement and Ld. AO could not find any mistake or defect in these documents. Action of the Ld. AO of treating the alleged LTCG as bogus was solely based on the enquiry report carried out in the case of 3rd persons much before the date of survey conducted at the assessee premises. Nothing

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

purchase and sale, Demat Account and Bank statement and Ld. AO could not find any mistake or defect in these documents. Action of the Ld. AO of treating the alleged LTCG as bogus was solely based on the enquiry report carried out in the case of 3rd persons much before the date of survey conducted at the assessee premises. Nothing

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

purchase and sale, Demat Account and Bank statement and Ld. AO could not find any mistake or defect in these documents. Action of the Ld. AO of treating the alleged LTCG as bogus was solely based on the enquiry report carried out in the case of 3rd persons much before the date of survey conducted at the assessee premises. Nothing

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

purchase and sale, Demat Account and Bank statement and Ld. AO could not find any mistake or defect in these documents. Action of the Ld. AO of treating the alleged LTCG as bogus was solely based on the enquiry report carried out in the case of 3rd persons much before the date of survey conducted at the assessee premises. Nothing

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

purchase and sale, Demat Account and Bank statement and Ld. AO could not find any mistake or defect in these documents. Action of the Ld. AO of treating the alleged LTCG as bogus was solely based on the enquiry report carried out in the case of 3rd persons much before the date of survey conducted at the assessee premises. Nothing

ASHWIN KUMAR AGARWAL,CUTTACK vs. DCIT ASMNT CIRCLE-2(1)CUTTACK, CUTTACK

In the result, appeal of the assessee is allowed

section 68 of the Act. The Tribunal while dismissing the appeals filed by the Revenue also observed on facts that these shares were purchased by respondent on the floor of Stock Exchange and not from the said broker, deliveries were taken, contract notes were issued and shares were also sold on the floor of Stock Exchange. The ITAT therefore