RASHI AGRAWAL,CUTTACKI vs. INCOME TAX OFFICER, CUTTACK

In the result, appeal of the assessee allowed

price as it was the appellant who had traded in the shares of the this company which resulted into claim of long term capital gains which is exempt under section 10(38). Once the assessee was made aware of the result of the investigation which proved that trading of shares leading to long term capital gains was not genuine

LALIT KUMAR JALAN,JALAN PHARMACEUTICALS vs. ITO WARD-1(1), CUTTACK

In the result, appeal of the assessee is allowed with the directions

gains tax when the valuation officer has valued the capital asset at the price more than the value determined by the stamp authorities. Since till date no report is submitted nor any time limit is provided in section 50C of the Act, assessee should not be punished for such an inordinate delay of almost 4 years which is solely attributable

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

In the result, appeal of the assessee allowed

price appearing on the exchange portal and at the point of time of sale of equity shares, companies were not marked as shell companies by SEBI and nor the trading of these scrips were suspended. The assessee also deserves to succeed on the legal ground as no opportunity was awarded to cross examination the third person which were allegedly found

SANDEEP KUMAR AGARWAL,JAGATPUR vs. ACIT,NFAC, DELHI, CUTTACK

In the result, appeal of the assessee stands allowed

Bench: Before Shri George Mathan, Judicial & Manish Agarwal Manish Agarwalassessment Year : 2014-15 Sandeep Sandeep Kumar Kumar Agarwal, Agarwal, Vs. Acit, Nfac, Delhi/Cuttack Acit, Nfac, Delhi/Cuttack C/O. Agarwal Spices & C/O. Agarwal Spices & Food Processors Pvt Ltd., Food Processors Pvt Ltd., Jagatpur. Pan/Gir No Pan/Gir No.Aarpa 8064 B (Appellant (Appellant) .. ( Respondent Respondent) Assessee By : Shri Mohit Sheth Mohit Sheth, Adv Revenue By : Shri Charan Dass, Ld Sr Dr , Ld Sr Dr Date Of Hearing : 28/0 05/2024 Date Of Pronouncement : 28/0 /05/2024 O R D E R Per Bench

transfer as a consequence of the merger to treat the same as Short Term Capital Gains. Accordingly, we dismiss the appeal of the revenue filed in the case of Smt. Bimala Devi Singhania in ITA No.212/CTK/2019. 7. In the above circumstances, respectfully following the decision of the coordinate bench of the Tribunal in the case of Smt. Bimala Devi Singhania

SMT. PURNIMA DAS,BHUBANESWAR vs. PR. CIT-1,, BHUBANESWAR

Bench: S/Shri George Mathan & Arun Khodpiaassessment Year : 2017-18 Smt. Purnima Das, C/O. Vs. Pr. Cit, Bhubaneswar-1. Biswajit Das, At-9, Budha Nagar, Budheswari, Bhubaneswar. Pan/Gir No.Aazpd0112 B (Appellant) .. ( Respondent) Assessee By : Shri P.K.Mishra, Ar Revenue By : Shri M.K.Gautam, Cit Dr Date Of Hearing : 16/02/2023 Date Of Pronouncement : 16/02/2023 O R D E R Per Bench This Is An Appeal Filed By The Assessee Against The Order Of The Ld Pr.Cit Passed U./S.263 Of The Act, Dated 12.3.2022 In Appeal No. Itba/Rev/F/Reev5/2021-22/10540634159(1) For The Assessment Year 2017-18. 2. Shri P.K.Mishra, Ld Ar Appeared For The Assessee Assisted By Ms.Sugyanee Kuanr & Ms. Simran Samal, Intern From Birla School Of Law (Bgu), Bhubaneswar & Shri M.K.Gautam, Ld Cit Dr Appeared For The Revenue Assisted By Shri Dharmashoka Panda, Intern From Birla School Of Law (Bgu), Bhubaneswar. 3. It Was Submitted By Ld Ar That The Assessee Is An Individual, Who Is A Professor Of Mathematics At P.N.College, Khurda. The Assessee Had Filed Her Return Of Income For The Relevant Assessment Year On 5.8.2017

capital gains. On appeal, the Hon'ble Bangalore ITAT held that there is no dispute to the fact that the property that was sold by the assessee, did not fall within clauses of section 2(14)(iii)(a) or (b). The mere fact that a land is situated in an area outside the area referred to in clause

PARADIP PORT AUTHORITY,JAGATSINGHPUR vs. DCIT,CIRCLE-1(1), CUTTACK

In the result, all the three appeals of the assessee are allowed

gains figure in the wrong column of the IT return, which had admittedly triggered this dispute. In our considered opinion, the error committed by the assessee is only a clerical error for which the assessee cannot be fastened with this huge tax liability. We find that the id CITA had duly examined the entire documents in this regard such

PARADIP PORT AUTHORITY,JAGATSINGHPUR vs. DCIT,CIRCLE1(1), CUTTACK

In the result, all the three appeals of the assessee are allowed

gains figure in the wrong column of the IT return, which had admittedly triggered this dispute. In our considered opinion, the error committed by the assessee is only a clerical error for which the assessee cannot be fastened with this huge tax liability. We find that the id CITA had duly examined the entire documents in this regard such

PARADIP PORT AUTHORITY,JAGATSINGHPUR vs. DCIT,CIRCLE-1(1), CUTTACK

In the result, all the three appeals of the assessee are allowed

gains figure in the wrong column of the IT return, which had admittedly triggered this dispute. In our considered opinion, the error committed by the assessee is only a clerical error for which the assessee cannot be fastened with this huge tax liability. We find that the id CITA had duly examined the entire documents in this regard such

SATISH KUMAR GARG,ROURKELA vs. ITO WARD-5, ROURKELA

In the result, appeal of assessee stands allowed

Bench: Before Shri George Mathanmember Assessment Year : 2014-15 Satish Satish Kumar Kumar Vs. Income Tax Officer, Ward-5, Income Tax Officer, Ward Garg,Gurudwara Road, Near Garg,Gurudwara Road, Near Aayakar Bhavan, Uditnagar, Aayakar Bhavan, Uditnagar, Gurudwara, Rourkela Gurudwara, Rourkela Rourkela Pan/Gir No. . (Appellant (Appellant) .. ( Respondent Respondent) Assessee By : Shri P.R.Mohanty, Adv : Shri P.R.Mohanty, Adv Revenue By : Shri S.C.Mohanty, Ld Sr Dr , Ld Sr Dr Date Of Hearing : 25/09/20 2024 Date Of Pronouncement : 25/09/2 2024 O R D E R This Is An Appeal Filed By The Revenue An Appeal Filed By The Revenue Against The Order Of The Ld Inst The Order Of The Ld Cit(A), Cit(A), Nfac, Nfac, Delhi Delhi Dated 26.12.2022 In Appeal No.Cit(A),Sambalpur/10380/2016 Sambalpur/10380/2016-17 For The Assessment Year 2014 Assessment Year 2014-15. 2. Shri P.R.Mohanty, Ld Ar Appeared For The Assessee & Shri Shri P.R.Mohanty, Ld Ar Appeared For The Assessee & Shri Shri P.R.Mohanty, Ld Ar Appeared For The Assessee & Shri S.C.Mohanty, Ld Sr Dr Appeared For The Revenue. S.C.Mohanty, Ld Sr Dr Appeared For The Revenue.

price of shares. The SEBI has investigated many companies and has drawn their conclusions but there is no adverse inference drawn against CCL International Ltd. The assessee has purchased shares as early as in 2011. The Hon’ble Delhi High Court has permitted merger of the shares of AAR Infrastructure Ltd with that of CCL International Ltd. The assessee

PRAKASH AGARWAL,ROURKELA vs. INCOME TAX OFFICER, KEONJHAR

In the result, appeal of assessee stands allowed

Bench: Before Shri George Mathanmember Assessment Year : 2014-15 Satish Satish Kumar Kumar Vs. Income Tax Officer, Ward-5, Income Tax Officer, Ward Garg,Gurudwara Road, Near Garg,Gurudwara Road, Near Aayakar Bhavan, Uditnagar, Aayakar Bhavan, Uditnagar, Gurudwara, Rourkela Gurudwara, Rourkela Rourkela Pan/Gir No. . (Appellant (Appellant) .. ( Respondent Respondent) Assessee By : Shri P.R.Mohanty, Adv : Shri P.R.Mohanty, Adv Revenue By : Shri S.C.Mohanty, Ld Sr Dr , Ld Sr Dr Date Of Hearing : 25/09/20 2024 Date Of Pronouncement : 25/09/2 2024 O R D E R This Is An Appeal Filed By The Revenue An Appeal Filed By The Revenue Against The Order Of The Ld Inst The Order Of The Ld Cit(A), Cit(A), Nfac, Nfac, Delhi Delhi Dated 26.12.2024 In Appeal No.Cit(A),Sambalpur/10380/2016 Sambalpur/10380/2016-17 For The Assessment Year 2014 Assessment Year 2014-15. 2. Shri P.R.Mohanty, Ld Ar Appeared For The Assessee & Shri Shri P.R.Mohanty, Ld Ar Appeared For The Assessee & Shri Shri P.R.Mohanty, Ld Ar Appeared For The Assessee & Shri S.C.Mohanty, Ld Sr Dr Appeared For The Revenue. S.C.Mohanty, Ld Sr Dr Appeared For The Revenue.

price of shares. The SEBI has investigated many companies and has drawn their conclusions but there is no adverse inference drawn against CCL International Ltd. The assessee has purchased shares as early as in 2011. The Hon’ble Delhi High Court has permitted merger of the shares of AAR Infrastructure Ltd with that of CCL International Ltd. The assessee

HEMANT KUMAR AGARWAL,CUTTACK vs. ADDL.CIT NFAC, DELHI

In the result, both appeals of the assessee are allowed

pricing of each of the shares varies between 10 and 690. The shares out of 55 different shares. Thus, the assessee is substantially into dealing in midcap and small cap shares. The shares of AAR Infrastructure which has been applied for and has been allotted on account of merger with CCL International increased in number but reduced in value. Admittedly

HEMANT KUMAR AGARWAL,CUTTACK vs. ADDL.CIT , NFAC, DELHI

In the result, both appeals of the assessee are allowed

pricing of each of the shares varies between 10 and 690. The shares out of 55 different shares. Thus, the assessee is substantially into dealing in midcap and small cap shares. The shares of AAR Infrastructure which has been applied for and has been allotted on account of merger with CCL International increased in number but reduced in value. Admittedly

PAHANAWA ASSOCIATES PRIVATE LIMITED,BHUBANESWAR vs. JCIT, RANGE-1, BHUBANESWAR

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

Bench: Shri George Mathan & Shri Manish Agarwalआयकर अऩीऱ सं/Ita No.174/Ctk/2024 (ननधाारण वषा / Assessment Year : 2017-2018) Naveen Kumar Gupta Vs Acit, Circle Rourkela, Rourkela Sector-C, Main Road, Bandamunda, Rourkela, Odisha-770032 Pan No. :Adspg 0050 B (अऩीऱाथी /Appellant) (प्रत्यथी / Respondent) .. ननधााररती की ओर से /Assessee By : Shri Abhijeet Agarwal, Advocate राजस्व की ओर से /Revenue By : Shri Sanjay Kumar, Cit-Dr सुनवाई की तारीख / Date Of Hearing : 03/09/2024 घोषणा की तारीख/Date Of Pronouncement : 03/09/2024 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), Dated 16.02.2024 Passed In Din & Order No.Itba/Nfac/S/250/2023-24/1061029134(1) For The Assessment Year 2017-2018 On The Strength Of Following Grounds Of Appeal :- A. For That The Order Passed By The Ld. Nfac Is Ex-Facie Illegal, Excessive, Bad In Law & As Such Liable To Be Quashed In Limine. B. For That The Ld. Nfac Totally Misinterpreted The Fact & Has Upheld The Addition Of Rs.1,60,00,000/-. C. For That The Ld. Nfac Instead Of Completely Setting Aside The Addition Of Rs.2,80,50,000/- Has Instead Directed The Assessing Officer To Delete The Amount After Verification.

capital gain. Ld AR submitted that from the perusal of the sale deed placed in the paper book at pages 3 to 20, it could be evident that it is a transaction of purchase of land by the partnership firm M/s. Aaravindam Lifespace LLP and therefore, this transaction cannot be treated as the sale of land. Further since

NABIN KUMAR GUPTA,BANDAMUNDA vs. ASSISSTANT COMMISSIONER OF INCOME TAX, CIRCLE ROURKELA, ROURKELA

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

Bench: Shri George Mathan & Shri Manish Agarwalआयकर अऩीऱ सं/Ita No.174/Ctk/2024 (ननधाारण वषा / Assessment Year : 2017-2018) Naveen Kumar Gupta Vs Acit, Circle Rourkela, Rourkela Sector-C, Main Road, Bandamunda, Rourkela, Odisha-770032 Pan No. :Adspg 0050 B (अऩीऱाथी /Appellant) (प्रत्यथी / Respondent) .. ननधााररती की ओर से /Assessee By : Shri Abhijeet Agarwal, Advocate राजस्व की ओर से /Revenue By : Shri Sanjay Kumar, Cit-Dr सुनवाई की तारीख / Date Of Hearing : 03/09/2024 घोषणा की तारीख/Date Of Pronouncement : 03/09/2024 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), Dated 16.02.2024 Passed In Din & Order No.Itba/Nfac/S/250/2023-24/1061029134(1) For The Assessment Year 2017-2018 On The Strength Of Following Grounds Of Appeal :- A. For That The Order Passed By The Ld. Nfac Is Ex-Facie Illegal, Excessive, Bad In Law & As Such Liable To Be Quashed In Limine. B. For That The Ld. Nfac Totally Misinterpreted The Fact & Has Upheld The Addition Of Rs.1,60,00,000/-. C. For That The Ld. Nfac Instead Of Completely Setting Aside The Addition Of Rs.2,80,50,000/- Has Instead Directed The Assessing Officer To Delete The Amount After Verification.

capital gain. Ld AR submitted that from the perusal of the sale deed placed in the paper book at pages 3 to 20, it could be evident that it is a transaction of purchase of land by the partnership firm M/s. Aaravindam Lifespace LLP and therefore, this transaction cannot be treated as the sale of land. Further since

ABANI PATTANAYAK,BHUBANESWAR vs. ACIT, INTERNATIONAL TAXATION, BHUBANESWAR

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

Capital Gain (LTCG). 6. In reply, the ld. Sr. DR submitted that Rs.24000/- paid to the builder under the head maintenance charges is a revenue expenditure and the same cannot be considered. It was the further submission that the break- up of BWSSB deposits and KPTCL charges has not been given. It was charges and the same cannot be allowed

ACIT, CENTRAL CIRCLE, SAMBALPUR, SAMBALPUR vs. M/S. SHREE BALAJI ENGICONS PVT. LTD., JHARSUGUDA

In the result, appeals of the assesee in IT(SS)A No

Bench: Shri George Mathan & Shri Manish Agarwalit(Ss)A No.77/Ctk/2023

gains from the industrial undertaking or enterprises engaged in infrastructure development etc. The only reason for the disallowance by the AO is that the assessee has undertaken the sub-contract works and has also not undertaken the new contracts during the relevant asst. year. We find that the assessee has filed sufficient evidence before the CIT(A) to prove

ACIT, CENTRAL CIRCLE, SAMBALPUR, SAMBALPUR vs. M/S. SHREE BALAJI ENGICONS PVT. LTD., JHARSUGUDA

In the result, appeals of the assesee in IT(SS)A No

Bench: Shri George Mathan & Shri Manish Agarwalit(Ss)A No.77/Ctk/2023

gains from the industrial undertaking or enterprises engaged in infrastructure development etc. The only reason for the disallowance by the AO is that the assessee has undertaken the sub-contract works and has also not undertaken the new contracts during the relevant asst. year. We find that the assessee has filed sufficient evidence before the CIT(A) to prove

M/S. SHREE BAALAJI ENGICONS LIMITED,JHARSUGUDA vs. DEPUTY COMMISSIONER OF INCOME TAX ( CENTRAL CIRCLE-1(1), SAMBALPUR

In the result, appeals of the assesee in IT(SS)A No

Bench: Shri George Mathan & Shri Manish Agarwalit(Ss)A No.77/Ctk/2023

gains from the industrial undertaking or enterprises engaged in infrastructure development etc. The only reason for the disallowance by the AO is that the assessee has undertaken the sub-contract works and has also not undertaken the new contracts during the relevant asst. year. We find that the assessee has filed sufficient evidence before the CIT(A) to prove