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

43,698/-. In the statements of capital gain, it is seen that the capital gain has arisen from treading in the following scripts. Name of the Date of QNTY SALE Date of PUR NET TOTAL company sale SOLD RATE purchase RATE GAIN Sudama 23.11.200 600 294.1 05.04.2004 6.52 287.5 172518 Trading & 5 Investment Ltd. Shiv

KALPANA MISHRA,BHUBANESWAR vs. ITO, WARD 5(4), BHUBANESWAR, BHUBANESWAR

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

Bench: Shri George Mathan & Shri Manish Agarwalआयकर अपील संसंसंसं/Ita No.491/Ctk/2024 (िनधा"रण िनधा"रण िनधा"रण वष" िनधा"रण वष" वष" / Assessment Year : 2016-2017) वष" Kalpana Mishra, Vs Ito Ward-5(4), Bhubaneswar Plot No.B-87/A, Chandaka Industrial Estate, Patia, Bhubaneswar-751024 Pan No. :Alfpm 2864 E (अपीलाथ" अपीलाथ" अपीलाथ" /Appellant) अपीलाथ" (""यथ" ""यथ" ""यथ" / Respondent) ""यथ" .. िनधा"रती िनधा"रती क" िनधा"रती िनधा"रती क" क" ओर क" ओर ओर सेसेसेसे /Assessee By ओर : Shri B.R.Pattnaik, Ca राज"व राज"व क" राज"व राज"व क" क" ओर क" ओर ओर सेसेसेसे /Revenue By ओर : Shri S.C.Mohanty, Sr. Dr सुनवाई क" तारीख / Date Of Hearing : 28/01/2025 घोषणा क" तारीख/Date Of Pronouncement : 28/01/2025 आदेश आदेश / O R D E R आदेश आदेश Per Bench : This Is An Appeal Filed By The Assessee Against The Order Dated 07.03.2024, Passed By The Cit(A), National Faceless Appeal Centre (Nfac), Delhi In Din & Order No.Itba/Nfac/S/250/2023- 24/1062168195(1) For The Assessment Year 2016-2017, On The Following Grounds :- 1. Hon'Ble Cit(Appeals), Nfac Has Erred In Law & On Facts In Confirming The Action Of The Learned Ao Even Though The Learned Ao Has Exceeded His Jurisdiction In A Limited Scrutiny Case Selected Under Cass Only To Examine Whether The Investment & Income Relating To Securities Transactions Are Duly Disclosed Or Not & Added A Sum Of Rs.44,00,000.00 U/S 68 Of The Income Tax Act, 1961, Without Obtaining Prior Administrative Approval Of The Concerned Pr. Cit/Cit As Prescribed In Circular F. No. 225/402/2018/Ita.Ii, Dated 28- 11-2018 & Instruction No.5/2016 [F.No.225/269/2015-

43(5). 3.1.8. As per Explanation 2 to section 28, where speculative transactions carried on by an assessee are of such a nature as to constitute a business, the business (hereinafter referred to as "speculation business") shall be deemed to be distinct and separate from any other business 3.1.9. During the financial year 2015-16, some of the share

M/S. GOPALPUR PORTS LIMITED,CUTTACK vs. ACIT, CUTTACK

In the result, appeal of the assessee is dismissed

Bench: Shri C.M. Garg, Jm & Shri L.P. Sahu, Am आयकर अपीऱ सं./Ita No.97/Ctk/2015 (नििाारण वषा / Assessment Year :2009-2010) M/S Gopalpur Ports Limited, Vs. Acit, Circle-(2), Cuttack Osl Tower, Link Road, Cuttack स्थायी लेखा सं./Panno. : Aaccg 6721 F (अऩीलाथी /Appellant) (प्रत्यथी / Respondent) .. ननधाारिती की ओर से /Assessee By : Shri J.B.Sahu, Advocate िाजस्व की ओर से /Revenue By : Shri S.M.Keshkamat, Citdr सुनवाई की तािीख / Date Of Hearing : 25/09/2019 घोषणा की तािीख/Date Of Pronouncement : 14/10/2019 आदेश / O R D E R Per L.P.Sahu, Am: This Is An Appeal Filed By The Assessee Against The Order Of Cit(A), Cuttack, Dated 31.12.2014 For The Assessment Year 2009-2010 On The Following Grounds Of Appeal :- 1. That The Order Dated 31.12.2014 Passed By The Ld. Cit (Appeal) In It Appeal No. 0622/2011-12 Is Illegal, Arbitrary & Unsustainable In Law. 2. That The Impugned Addition Of Rs.4,31,15,000/- Representing Share Application Money Of M/S On Track Trading Ltd Purportedly Under Section 68 Of The It Act Is Illegal & Arbitrary. 3. That The Appellant Having Submitted Relevant Evidences With Regard To The Amount Invested By The Said Investing Foreign Company, It Is Not Lawful & Proper To Confirm Addition On The Ground Of Its Want Of Proof Of Credit Worthiness Of The Said Investing Company Which Is Illegal & Arbitrary. 4. That Non Consideration Of The Application Of The Proviso To Section 68 Of The It Act Effective From 01.04.2013 Relied Upon By The Appellant Was Not Considered By Ld. Cit (Appeal) Is Inconsistent With The Relevant Statutory Provisions.

68 of the IT Act effective from 01.04.2013 relied upon by the appellant was not considered by Ld. CIT (Appeal) is inconsistent with the relevant statutory provisions. 2 5. That the decision rendered by the Hon'ble Apex Court relied by the Ld. CIT (Appeal) in Sumati Dayal V/s- CIT 214 ITR 801 (SC) and CIT V/s- DP More

URMILA KISHAN,ANGUL vs. COMMISSIONER OF INCOME-TAX (APPEALS), NATIONAL FACELESS APPEAL CENTRE (NFAC)

In the result, the appeal filed by the assessee is allowed for statistical purposes

Bench: Shri Duvvuru Rl Reddy(Kz) & Shri Rakesh Mishra

section 68 of the Income Tax Act, 1961, by treating the unsecured loans as unexplained cash credits without properly appreciating the submissions, confirmations, and documents provided by the Assessee. Loans have been received through banking channels. It was further stated that all the supporting evidence i.e. account confirmation by of the lenders, copy of ITR of lender, bank statements

SYLVESA INFOTECH PRIVATE LIMITED,BHUBANESWAR vs. ITO WARD -1(1), BHUBANESWAR

Section 139(1) for AY 2014-15 could not be filed\ndue to management disturbances. Notice U/s 148 dated\n28.07.2022 was issued to the assessee alleging that the return of\nincome for the impugned AY has not been filed by the assessee\nthough there are credits of Rs. Rs. 11,73,40,969/-in the bank\naccounts

MGM MINERALS LTD.,BHUBANESWAR vs. DCIT, CORPORATE CIRCLE-1(1), BHUBANESWAR

In the result, for A.Y. 2010-11 Cross appeals in ITANo

Bench: Shri C.M. Garg, Jm & Shri Manish Borad, Am आयकर अपीऱ सं./Ita No.420/Ctk/2015 (नििाारण वषा / Assessment Year :2010-2011) Mgm Minerals Limited Vs Jcit-Range-1, 2-A, Forest Park Bhubaneswar Bhubaneswar-751009 Pan No. : Aadcm2818E (अऩीलाथी /Appellant) (प्रत्यथी / Respondent) ..

68,495- less increase in closing stock value due to incorrect valuation of closing stock at Rs. 19,38,227/-). In the result grounds no.1 raised by the revenue is partly allowed. 10. Ground No.2 has been raised by the revenue towards deleting the addition for unexplained sundry debtors at Rs. 6,28,01,826/-. We find that

DCIT, BHUBANESWAR vs. M/S. MGM MINERALS LTD., BHUBANESWAR

In the result, for A.Y. 2010-11 Cross appeals in ITANo

Bench: Shri C.M. Garg, Jm & Shri Manish Borad, Am आयकर अपीऱ सं./Ita No.420/Ctk/2015 (नििाारण वषा / Assessment Year :2010-2011) Mgm Minerals Limited Vs Jcit-Range-1, 2-A, Forest Park Bhubaneswar Bhubaneswar-751009 Pan No. : Aadcm2818E (अऩीलाथी /Appellant) (प्रत्यथी / Respondent) ..

68,495- less increase in closing stock value due to incorrect valuation of closing stock at Rs. 19,38,227/-). In the result grounds no.1 raised by the revenue is partly allowed. 10. Ground No.2 has been raised by the revenue towards deleting the addition for unexplained sundry debtors at Rs. 6,28,01,826/-. We find that

MGM MINERALS LIMITED,BHUBANESWAR vs. JCIT, BHUBANESWAR

In the result, for A.Y. 2010-11 Cross appeals in ITANo

Bench: Shri C.M. Garg, Jm & Shri Manish Borad, Am आयकर अपीऱ सं./Ita No.420/Ctk/2015 (नििाारण वषा / Assessment Year :2010-2011) Mgm Minerals Limited Vs Jcit-Range-1, 2-A, Forest Park Bhubaneswar Bhubaneswar-751009 Pan No. : Aadcm2818E (अऩीलाथी /Appellant) (प्रत्यथी / Respondent) ..

68,495- less increase in closing stock value due to incorrect valuation of closing stock at Rs. 19,38,227/-). In the result grounds no.1 raised by the revenue is partly allowed. 10. Ground No.2 has been raised by the revenue towards deleting the addition for unexplained sundry debtors at Rs. 6,28,01,826/-. We find that

DHANALAXMI JEWELLERS,ANGUL vs. ITO, ANGUL WARD, ANGUL

In the result, appeal of the assessee is partly allowed for statistical purposes in terms as indicated above

Bench: Shri C.M. Garg, Jm & Shri L.P. Sahu, Am आयकर अपीऱ सं./Ita No.153/Ctk/2018 (नििाारण वषा / Assessment Year :2013-2014) M/S Dhanalaxmi Jewellers, Vs. Ito, Angul Ward, Angul Laxmi Bazar, Angul-759122 स्थायी लेखा सं./Panno. : Aagfd 8791 D (अऩीलाथी /Appellant) (प्रत्यथी / Respondent) .. ननधाारिती की ओर से /Assessee By : Shri D.K.Sheth/M. Sheth, Advs. िाजस्व की ओर से /Revenue By : Shri Subhendu Dutta, Dr

section 131 at the instance of the assessee, did not pursue the matter further. The revenue did not examine the source of income of the said alleged creditors to find out whether they were credit-worthy or were such who could advance the alleged loans. There was no effort made to pursue the so- called alleged creditors. In those

SUBHALAXMI AGENCIES PVT. LTD.,NAYAGARH vs. JCIT, RAMGE-2, BHUBANESWAR

In the result, appeal of the revenue is partly allowed and that of

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

43 B and Section 36 of the Act but on a broader reading of the amendments made to Section 43B repeatedly and the intention of Parliament, there appears to be sufficient justification for taking the view that the employees' and the employer's contribution ought to be treated in the same manner. In Alom Extrusions'case (supra

RUKMANI INFRA PROJECTS PVT. LTD.,BHUBANESWAR vs. ACIT, CIRCLE-1(2), BHUBANESWAR

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

Bench: Shri Chandra Mohan Garg, Jm & Shri Arun Khodpia, Am आयकर अपीऱ सं./Ita No.358/Ctk/2017 (नििाारण वषा / Assessment Year :2013-2014) Rukmani Infra Projects Ltd., Vs Acit, Circle-1(2), Bhubaneswar Plot No.251, District Centre, C.S.Pur, Bhubaneswar-16 Pan No. : Aaecr 1585 L (अऩीऱाथी /Appellant) (प्रत्यथी / Respondent) .. यनधागररती की ओर से /Assessee By : None : Shri Manoj Kumar Goutam, Cit-Dr राजस्व की ओर से /Revenue By सुनवाई की तारीख / Date Of Hearing : 08/03/2022 घोषणा की तारीख/Date Of Pronouncement : 30/03/2022 आदेश / O R D E R Per Arun Khodpia, Am : This Appeal Filed By The Assessee Has Been Directed Against The Order Passed By The Ld. Cit(A)-1, Bhubaneswar, Dated 16.06.2017, For The Assessment Year 2013-2014. 2. Brief Facts Of The Case Extracted From The Available Records Are That, The Assessee, A Company Incorporated Under The Companies Act, 1956, Engaged In The Business Of Erection, Commissioning, Technical & Maintenance Service To Different Power Plants. The Return Of Income For The Ay 2013-14 Was Filed By The Assessee On 01.10.2013 Declaring A Total Income Of Rs.1,65,91,030/-. The Case Of The Assessee Was Selected Under Cass. Notice U/S 143(2) & 143(1) Were Issued & Served On The Assessee. Assessment Proceedings Were Completed By The Ao & Concluded With An Addition Of Rs.3,58,95,574/- Under Four Different

68 of the income tax act in the instant case is not reasonable and uncalled-for. 6.6 In view of the above discussion, we found merit in contention of the assessee and, accordingly this ground of appeal of the assessee is decided in favour of the assessee. 7 7. Ground 2 relates to disallowance of statutory dues

ACIT, RORUKELA CIRCLE, ROURKELA vs. INDRANI PATNAIK, ROURKELA

In the result, appeals of the revenue for assessment years 2012-13 &

Bench: Shri Chandra Mohan Garg & Laxmi Prasad Sahu

section (2) shall also apply in relation to a case where the assessee claims that no expenditure has been incurred by him in relation to income, which does not P a g e 43 | 68

INDRANI PATNAIK,ROURKELA vs. DCIT, RORUKELA CIRCLE, ROURKELA

In the result, appeals of the revenue for assessment years 2012-13 &

Bench: Shri Chandra Mohan Garg & Laxmi Prasad Sahu

section (2) shall also apply in relation to a case where the assessee claims that no expenditure has been incurred by him in relation to income, which does not P a g e 43 | 68

DCIT CENTRAL CIRCLE-2, BHUBANESWAR vs. M/S. HOTEL SUKHAMAYA PVT. LTD, BHUBANESWAR

In the result, all the three appeals of the Revenue are dismissed

43), it was held by Hon'ble Punjab & Haryana High Court that no prejudice was caused to the Revenue in the instant action of the assessee inasmuch as the assessee did not attempt by the impugned act to avoid any tax liability. Furthermore, there was no dispute about the fact that the instant cash transactions of the assessee were with

DCIT CENTRAL CIRCLE-2, BHUBANESWAR vs. M/S. HOTEL SUKHAMAYA PVT. LTD, BHUBANESWAR

In the result, all the three appeals of the Revenue are dismissed

43), it was held by Hon'ble Punjab & Haryana High Court that no prejudice was caused to the Revenue in the instant action of the assessee inasmuch as the assessee did not attempt by the impugned act to avoid any tax liability. Furthermore, there was no dispute about the fact that the instant cash transactions of the assessee were with

DCIT, BERHAMPUR CIRCLE, BERHAMPUR vs. ALLIED INFRA SUPPLIERS, GANJAM

In the result, cross objection of the assessee is partly

Bench: S/Shri N.S Saini & Pavan Kumar Gadaleassessment Year :2012-2013 C.O.No.42/Ctk/2018

68,27,315.48 From the above recasted balance sheet, It is seen that the liabilities side of the balance sheet is less by Rs.1,83,89,574.48 P a g e 4 | 18 ITA No 481/CT K/ 2017 C.O. No. 42/CT K/ 2018 Asse ssment Year :20 12- 201 3 than the assets side which represents the undisclosed investments

B.C. BHUYAN CONSTRUCTION PVT. LTD.,BHUBANESWAR vs. DCIT, CORPORATE CIRCLE- 1(1), BHUBANESWAR

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

Bench: Before S/Shri George Mathan, Judicial & Girish Agrawalwalassessment Year : 2014-15 B.C.Bhuyan Construction Pvt B.C.Bhuyan Construction Pvt Vs. Dcit, Corporate Circle Dcit, Corporate Circle - Ltd., Plot No.90, Palasuni, Ltd., Plot No.90, Palasuni, 1(1), Rasulgarh, Bhubaneswar Rasulgarh, Bhubaneswar Bhubaneswar Bhubaneswar Pan/Gir No. Pan/Gir No.Aadcb 3304 N (Appellant (Appellant) .. ( Respondent Respondent) Assessee By : Shri P.C.Sethi, Adv Revenue By Revenue By : Shri Saroj Kumar Mahapatra, Saroj Kumar Mahapatra, Pr. Cit Dr Date Of Hearing : 20/07 7/2023 Date Of Pronouncement : 20/0 /07/2023

43, however the owner of the Car is not entitled to claim 100 per cent depreciation on its spare parts since the cost of the Car is more than Rs. 5000/-. Therefore, if one ask question to ourselves whether all spare parts of the Car including tyres costing less than Rs. 5000/- individually or separately by the assessee, whether

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

section 10 as is evident from the return of income. However, in the return of income as filed originally for A.Y. 2015-16 the Assessee by mistake, omitted to exclude the dividend income and income from long term capital gains from the total income being declared by it. 18.9. We further notice that Hon‟ble Supreme court of India

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

section 10 as is evident from the return of income. However, in the return of income as filed originally for A.Y. 2015-16 the Assessee by mistake, omitted to exclude the dividend income and income from long term capital gains from the total income being declared by it. 18.9. We further notice that Hon‟ble Supreme court of India